TCREUR_Public/100309.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, March 9, 2010, Vol. 11, No. 047



TS CO.MIT: S&P Downgrades Rating on Class F Notes to 'CCC-'


NEWLEAD HOLDINGS: Net Loss Widens to US$163.6-Mil. in 2009
WIND HELLAS: Deprived Creditors of GBP1.3 Bil. in Pre-Pack Deal


FLEMING GROUP: Has Total Liabilities of EUR1.81 Billion
SALES PLACEMENT: Lack of Bank Support Prompts Liquidation

* IRELAND: Gov't to Issue Bank Restructuring Statement in Weeks


FIAT SPA: To Resolve Spin-Off Issue by April 21
GOLDEN BAR: Moody's Downgrades Rating on Class C Notes to 'Ba3'


CARLSON WAGONLIT: US$40 Mil. Equity Cues S&P's Positive Outlook
TRONOX INC: Pigments Units Had EUR120 Mil. in Sales in 2009


POLSKI KONCERN: Fitch Affirms BB+ Long-Term Issuer Default Ratings


K TECH: Awaits Ruling on Bankruptcy Proposal


KAZANORGSINTEZ OJSC: Fitch Affirms Long-Term IDR at 'RD'

* RUSSIA: Fitch Placed 13 Banks on Rating Watch Positive
* RUSSIA: Fitch Releases Podcast on Rating Upgrade of Telecoms


HIPOCAT 11: S&P Downgrades Rating on Class C Notes to 'CCC'
IM BANCO: Moody's Assigns 'Caa1' Rating on Class B Notes


CRYSTAL CREDIT: S&P Retains Junks Ratings on Class B & C Notes


CENTRAL EUROPEAN MEDIA: Aims to Report Better Earnings in 2010
UKRHAZ-ENERHO: Court Upholds Appeal on Liquidation Ruling

U N I T E D   K I N G D O M

ALTERNATIVE HOTEL: Lloyds to Swap GBP650 Mil. Debt for Equity
BRADFORD & BINGLEY: PIBS Bondholders Won't Get Compensation
EASTERN CHOICE: Appoints Claire Middlebrook as Receiver
EVERGREEN FOOD: In Receivership; FGS Partnership On Board
FOXTONS HOLDINGS: Posts GBP218MM Loss in Yr. Ended December 2008

LINPAC GROUP: Lenders Mull Break-Up, Sale of Four Divisions
MANCHESTER UNITED: Takeover Could Triple Glazer Family's Money
NORTEL NETWORKS: Proposes LinkLaters as U.K. Counsel
PROMINENT CMBS: Fitch Affirms Rating on Class F Notes at 'CC'
ROYAL BANK: Santander Leads Bidding Race for 320 Branches

ROYAL BANK: Nine Executives Get GBP10MM Deferred Share Bonuses
SEATEK UK: In Administration; MCR Appointed
VEDANTA RESOURCES: S&P Assigns 'BB' Rating on US$805 Mil. Bonds

* UK: Mortgage Brokers Hit by Home-Loan Crisis
* Ropes & Gray Adds Weil Gotshal Bankruptcy Partner


* Large Companies with Insolvent Balance Sheet



TS CO.MIT: S&P Downgrades Rating on Class F Notes to 'CCC-'
Standard & Poor's Ratings Services lowered its credit ratings on
TS One GmbH's class E and F notes.  S&P also lowered and
placed on CreditWatch Negative the ratings on classes C and D.  At
the same time, S&P affirmed the ratings on the classes A and B.

S&P considered a number of factors in its analysis: Note
amortization, the shortening maturity profile of the underlying
portfolio, and credit deterioration in the underlying portfolio.
The effect of these factors varies between the different classes
of notes.

The transaction is approaching its scheduled maturity date in June
2011.  In parallel, of the assets in the underlying portfolio not
currently subject to a principal deficiency event, the weighted-
average life of 83% (by balance) ends in 2010.  Since S&P's
previous rating action in January 2009, there has been significant
amortization of the notes, with 23% of the closing balance
outstanding at the end of December 2009 (from 36% in December

The effect of this maturity profile has varying implications on
the notes.  For the senior notes, the likelihood of repayment is
high and there is a reduced default horizon.  Conversely, for the
junior notes the short remaining maturity is, in S&P's view,
likely to lead to a crystallizing of losses as pool amortization
has reduced absolute excess spread levels.

Since S&P's last rating action in January 2009, there has been
further pool deterioration, including several principal deficiency
events.  The principal deficiency ledger balance increased to
EUR10.9 million in December 2009 from EUR1.3 million December
2008.  As of December 2009, the performing portion of the
portfolio is, in S&P's opinion, insufficient to fully cover the
principal of junior notes, with the class E and F notes being
dependent on recovery proceeds to fully repay at maturity.
According to the servicer, recovery prospects on defaulted assets
vary significantly, with minimal recoveries expected on some of
the larger defaulted obligations.

S&P has lowered and placed on CreditWatch negative the ratings on
classes C and D.  In S&P's view, these tranches are exposed to the
idiosyncratic risk that some of the larger obligors may default at
their loan maturities.  S&P will monitor developments in the
repayment of loans coming due and resolve the CreditWatch
placements in due course.

                           Ratings List

                        TS One GmbH

          EUR503 Million Floating-Rate Asset-Backed Notes

         Ratings Lowered and Placed on CreditWatch Negative

                Class       To                  From
                -----       --                  ----
                C           A-/Watch Neg        A
                D           BB/ Watch Neg       BBB

                         Ratings Lowered

                Class       To                  From
                -----       --                  ----
                E           CCC                 CCC+
                F           CCC-                CCC

                         Ratings Affirmed

                        Class       Rating
                        -----       ------
                        A           AAA
                        B           AA


NEWLEAD HOLDINGS: Net Loss Widens to US$163.6-Mil. in 2009
NewLead Holdings Ltd. said for the quarter ended December 31,
2009, total revenues from continuing operations increased by 11.1%
to US$15.9 million compared to total revenues of US$14.3 million
recorded for the quarter ended December 31, 2008.

Net loss from continuing operations was US$36.9 million for the
quarter ended December 31, 2009, compared to a net loss of US$10.0
million, recorded for the quarter ended December 31, 2008.  The
results for the fourth quarter of 2009 reflect significantly lower
net revenues generated for the product tankers in the spot market
as well as increased operating expenses and also include higher
interest expenses of roughly US$20.1 million as a result of the
Company's recapitalization during the quarter and is primarily
attributable to the 7% senior convertible notes which included a
US$17.0 million non-cash charge from the amortization of the
beneficial conversion feature embedded in the 7% notes.
Furthermore, the results for the fourth quarter of 2009 included
transaction costs of US$9.7 million relating to the
recapitalization, as well as, a US$4.2 million non-cash gain from
the change in the fair value of derivatives.  The results for the
same period of 2008 included a US$5.8 million non-cash loss from
the change in the fair value of derivatives.

The net loss for the quarter ended December 31, 2009 and 2008 was
US$39.9 million and US$42.4 million respectively.  These include
losses from discontinued operations of US$3.0 million in 2009 and
US$32.5 million in 2008, which were primarily related to the
Company's exit from the container market.

The Company said for the 12 months ended December 31, 2009, total
revenues from continuing operations decreased by 15.6% to US$47.7
million, compared to total revenues of US$56.5 million for the 12
months ended December 31, 2008.

Net loss from continuing operations was US$131.3 million for the
12 months ended December 31, 2009, compared to a net loss of
US$16.6 million, recorded for the 12 months ended December 31,
2008.  Besides the significantly lower net revenues generated for
the product tankers in the spot market and increased operating
expenses, the results for the 12 months ended December 31, 2009,
reflect a US$68.0 million vessel impairment charge, a US$3.7
million provision for charter claims, as well as, higher interest
expenses of roughly US$19.2 million as consequence of the
company's recapitalization during the quarter and primarily
attributable to the 7% senior convertible notes which included a
US$17.0 million non-cash charge from the amortization of the
beneficial conversion feature embedded in the notes.  Furthermore,
the results for 2009 also include transaction costs of US$12.4
million associated with the recapitalization and US$5.6 million
non-cash gain from the change in the fair value of derivatives.
The results for the same period of 2008 included a US$6.5 million
non-cash loss from the change in the fair value of derivatives.

The net loss for the year ended December 31, 2009 and 2008 was
US$163.6 million and US$39.8 million, respectively.  These include
losses from discontinued operations of US$32.3 million in 2009 and
US$23.3 million in 2008, which primarily relate to the Company's
exit from the container market.

At December 31, 2009, the Company had total assets of US$399.285
million against total liabilities of US$326.809 million.  The
Company had accumulated deficit of US$37.872 million and
shareholders' equity of US$72.476 million.

NewLead had a positive working capital position of roughly US$67.2
million, reflecting US$106.3 million cash and cash equivalents as
of December 31, 2009 compared with a negative working capital
position of roughly US$231.7 million as of December 31, 2008.
Total Debt amounted to US$278.7 million for the period ending
December 31, 2009, compared to US$223.7 million as of December 31,
2008.  The long term portion of the debt amounted to US$223.0
million for the period ended December 31, 2009 compared to nil as
of December 31, 2008.  In 2008, the debt of US$223.7 million was
classified under short term debt due to violation of certain
covenants of the credit facility, which has subsequently
refinanced as part of the recent recapitalization.

A full-text copy of the Company's earnings release is available at
no charge at

                       Going Concern Doubt

During the three months ended September 30, 2009, and 2008, the
Company incurred a net loss of US$111.3 million and a net loss of
US$4.3 million, respectively, and for the nine months ended
September 30, 2009 and 2008, the Company incurred a net loss of
US$123.8 million and a gain of US$2.0 million, respectively.  As
of September 30, 2009, the Company reported working capital
deficit of US$244.4 million, which includes US$221.4 million of
debt reflected as current.

During the nine months ended September 30, 2009, and for the year
ended December 31, 2008, the Company was not in compliance with
certain covenants of its loan facility and absent any further
relaxation from the lenders, the lenders had the ability to demand
repayment of outstanding borrowings.  The US$221.4 million
facility agreement, dated October 13, 2009, entered into by the
Company to refinance the Company's existing revolving credit
facility provided for the waiver of all financial covenants
(excluding working capital and minimum liquidity covenants) for a
period ranging from 30 to 36 months.  The conditions and events
raise substantial doubt about the Company's ability to continue as
a going concern.

                      About NewLead Holdings

Headquartered in Piraeus, Greece, NewLead Holdings Ltd. (Nasdaq:
NEWL) -- was incorporated on
January 12, 2005, under the name of "Aires Maritime Holdings
Limited.  The Company is an international shipping company that
owns and operates product tanker and dry bulk vessels.  The
Company's products tanker fleet consists of five MR tankers and
four Panamax tankers, all of which are double-hulled.  The Company
also owns three dry bulk vessels secured on period charters.

The Company is an indirect subsidiary of Aries Energy Corporation.
Aries Energy, an affiliate through its wholly-owned subsidiary
Rocket Marine Inc., currently owns approximately 23% of the
Company's outstanding common shares.

On October 13, 2009, the Company announced an approximately
US$400.0 million recapitalization which resulted in Grandunion
Inc. acquiring control of the Company.  Pursuant to the Stock
Purchase Agreement entered into on September 16, 2009, a company
controlled by Michail S. Zolotas and Nicholas G. Fistes, acquired
18,977,778 newly issued common shares of the Company in exchange
for three drybulk carriers.

WIND HELLAS: Deprived Creditors of GBP1.3 Bil. in Pre-Pack Deal
Robert Watts and Claire Newell at The Sunday Times report that
Wind Hellas has deprived creditors of GBP1.3 billion by:

   -- claiming that a one-man London office was its global
      Headquarters; and

   -- exploiting lenient insolvency rules introduced by Labour.

The report recalls Wind Hellas, Greece's third-largest telecoms
company, moved its assets to Britain from Luxembourg in August.
Its tiny London head office consisted of one man, one desk and a
computer, the report discloses.

The report recounts two weeks later it began the process leading
to its administration, using a financial device known as a "pre-
pack" which grew out of legislation championed by Gordon Brown
when he was chancellor.

When Wind Hellas subsequently collapsed, more than a third of its
debt was wiped out, including GBP9 million owed to Royal Bank of
Scotland, which is 84% owned by the taxpayer, the report relates.

Under the terms of the pre-pack deal, Wind Hellas's assets were
bought by Weather Investments, an investment vehicle controlled by
owner owned by Naguib Sawiris, the report states.

The report says the new company, which was formed with approval
from senior creditors, had been freed of GBP1.3 billion in debt
which Wind Hellas owed to "subordinated bondholders".

As reported by the Troubled Company Reporter-Europe on Feb. 11,
2010, Times Online said that Ernst & Young, the administrators of
Wind Hellas, began a formal investigation into the company's pre-
pack administration.  Times Online disclosed Ernst & Young, which
sold Wind back to its previous owners less EUR1 billion of debts
in August, agreed to examine the process following pressure from
hedge funds that saw their investments wiped out.  According to
Times Online, in a letter sent to E&Y, SPQR Capital, a hedge fund
that lost its investment in the Wind pre-pack, claims the deal was
tainted by multiple conflicts of interest.

Headquartered in Athens, WIND Hellas Telecommunications S.A. -- is part of Weather Investments, a
global telecommunication group controlled by the Sawiris family
and Naguib Sawiris.  Weather also owns Wind Telecommunicazioni
spa, the third largest mobile operator and second largest fixed
line operator in Italy as well as a 50% plus one share of Orascom
Telecom Holding S.A.E.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on March 4,
2010, Fitch Ratings upgraded Greek-based integrated telecom
operator Wind Hellas Telecommunications SA's Long-term Issuer
Default Rating to 'CCC' from 'RD' and its Short-term IDR to 'C'
from 'D'.  The rating actions follow both the completion of the
company's debt restructuring process in November 2009 and Fitch's
review of management's business strategy for 2010 and beyond.


FLEMING GROUP: Has Total Liabilities of EUR1.81 Billion
Ian Kehoe at The Sunday Business Post reports that the Fleming
construction group has total liabilities of EUR1.81 billion, more
than EUR800 million higher than previously stated.

According to the, while the High Court was previously told
the group had liabilities of EUR1 billion, new documents state
that the figure is actually EUR1.81 billion when contingent
liabilities are included.  With the company now in liquidation,
those contingent liabilities are set to be realized, the

The recalls three key companies in the Fleming Group
collapsed into liquidation after the Supreme Court rejected the
rescue plan by the group and ended its examinership period.  The
High Court had approved the scheme, but ACC appealed the decision
to the Supreme Court, the recounts.

As part of its opposition to the scheme, ACC commissioned KPMG to
examine the group's finances, the relates.  That review
calculated the total liabilities at the higher figure of EUR1.81
billion, the states.

The group's lenders are expected to appoint receivers to group
assets in the coming days, the says.

As reported yesterday by the Troubled Company Reporter-Europe, The
Irish Times said on the application of ACC Bank, the High Court's
Mr. Justice Brian McGovern on March 5 appointed Tom Kavanagh, of
Kavanagh Fennell, liquidator to John J Fleming Construction
(JJFC), JJ Fleming Holdings (JJFH) and Tivway Ltd.  The Irish
Times disclosed the Supreme Court unanimously refused court
protection to the three firms on March 4 after finding proposed
survival schemes did not provide a plan with reasonable prospects
for their survival as "going concerns".

SALES PLACEMENT: Lack of Bank Support Prompts Liquidation
Suzanne Lynch at The Irish Times reports that Sales Placement
Limited is to be wound up after 38 years in business.

According to the report, owner and managing director Liz Leavy
said the decision by the company's bank to withdraw finance was
one of the main reasons for the closure.

The report notes Ms. Leavy said while the rapid deterioration of
the employment market had a "huge" impact on the business, lack of
support from the company's bank, Bank of Ireland, left the company
with little choice but to enter voluntary liquidation.

"It just got too difficult.  For the past nine months the bank has
been putting huge pressure on, and finally withdrew our overdraft
facilities and the payroll facilities for the contract side of the
business," the report quoted Ms. Leavy as saying.

A creditors' meeting has been scheduled for March 19, when a
liquidator will be appointed, the report discloses.

Based in Merchant's Quay in Dublin, the company specialized in the
recruitment of sales and marketing professionals, according to The
Irish Times.

* IRELAND: Gov't to Issue Bank Restructuring Statement in Weeks
Tim O'Brien at The Irish Times reports that Taoiseach Brian Cowen
on Friday said the Irish government will issue a comprehensive
statement on the restructuring of the banking system in coming

According to the report, Mr. Cowen said the intention of the
restructuring would be to ensure Irish banks "will at least then
be able to access funds from the wholesale money markets" having
presented the money markets with a clear picture of their losses
on property portfolios.

The report relates addressing a seminar organized by Bray Chamber
in Co Wicklow, Mr. Cowen said the biggest issue for Irish business
was access to working capital, and "there is no doubt that
restructuring of the Irish banking system is a prerequisite for
that to happen".


FIAT SPA: To Resolve Spin-Off Issue by April 21
Sara Gay Forden at Bloomberg News reports that Fiat SpA Chief
Executive Officer Sergio Marchionne on March 3 said the company
will resolve the issue of the Fiat Auto spin-off by April 21.

Citing The Financial Times, the Troubled Company Reporter-Europe
on July 24, 2009, said Mr. Marchionne proposed separating Fiat
Auto from its Iveco trucks, CNH farm and construction-equipment
unit, and other divisions to create a new publicly traded carmaker
that would include Opel and be as big as Volkswagen.

                           About Fiat SpA

Headquartered in Turin, Italy, Fiat SpA (BIT:F) -- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.  With operations
in over 190 countries, the Group has 203 plants, 118 research
centers, 633 companies and more than 198,000 employees.

                           *     *     *

Fiat S.p.A. continues to carry a Ba1 long-term rating from Moody's
Investors Service with negative outlook.

GOLDEN BAR: Moody's Downgrades Rating on Class C Notes to 'Ba3'
Moody's Investors Service has taken these rating actions on these
classes of notes issued by Golden Bar (Securitization) S.r.l.  --
Series 2008:

  -- EUR631.8 million Class A Notes: Confirmed at Aaa; previously
     on 18 December 2009 placed on review for possible downgrade

  -- EUR49 million Class B Notes: Downgraded to A3 from Aa3;
     previously on 18 December 2009 placed on review for possible

  -- EUR15.8 million Class C Notes: Downgraded to Ba3 from Baa2;
     previously on 18 December 2009 placed on review for possible

Moody's says that the downgrades were prompted by the worse-than-
expected performance of the loan portfolio backing the issued
notes, which has led Moody's to revise its assumptions for the
transaction.  The magnitude of the downgrade reflects the current
credit enhancement levels, which, combined with the revised
assumptions, lead to a higher expected loss on the rated notes.

The deterioration in performance is evidenced by the increase of
defaults to 1.78% of the total securitized pool balance as of
January 2010, which represents 51% of Moody's initial expected
cumulative default rate.  As of January 2010, the pool factor was

Moody's assumptions for the cumulative mean default rate have been
raised to 4.7% of the total securitized pool balance (vs. 3.5%
initially), which translates into 5% current pool balance.  The
recovery rate has been increased to 30% from the revised
assumption of 22.5% taking into account the better-than-expected
level of observed recoveries.

Golden Bar (Securitization) S.r.l.  -- Series 2008 closed in
March 2008.  The originator is Santander Consumer Bank S.p.A.
(rated Baa1/Prime-2).  This transaction is backed by a portfolio
of new and used vehicle loans, personal loans and purpose loans to

The ratings address the expected loss posed to investors by the
legal final maturity date (December 2024).  In Moody's opinion,
the structure allows for timely payment of interest and ultimate
payment of principal at par on or before the final maturity date.

Moody's sector outlook for Italian Consumer Loan ABS is negative.
Moreover, Moody' estimates that Italian GDP grew by
0.4% in Q4 2009, following 0.6% quarter-on-quarter growth in Q3
2009, when Italy's economy emerged from five quarters of
recession.  It is expected that Italy's economy will grow by 1.1%
in 2010, driven by exports and modest improvement in domestic
demand.  However, the unemployment rate in Italy rose to 8.5% in
December, the highest rate since monthly records began in 2004 and
it is anticipated to increase in 2010 to an estimated 9.1%.


CARLSON WAGONLIT: US$40 Mil. Equity Cues S&P's Positive Outlook
Standard & Poor's Ratings Services said that it revised its
outlook on Netherlands-incorporated business travel operator
Carlson Wagonlit B.V. to positive from negative following a
US$40 million equity contribution from shareholders, which in
S&P's view helps improve CWT's liquidity profile.

At the same time, the corporate credit rating on CWT, along with
the issue rating on CWT's US$850 million senior secured
facilities, were affirmed at 'CCC+'.  The recovery rating on these
facilities is unchanged at '3', indicating S&P's expectation of
meaningful (50%-70%) recovery in event of a payment default.

In addition, the issue rating on CWT's EUR285 million floating-
rate notes was affirmed at 'CCC-'.  The recovery rating on this
instrument is unchanged at '6', indicating S&P's expectation of
negligible (0%-10%) recovery in the event of a payment default.

"The outlook revision follows CWT's announcement that shareholders
have contributed US$40 million of fresh equity, which S&P
understand is dedicated to debt reduction," said Standard & Poor's
credit analyst Silvia Ortolan.  "At the same time, the company
announced its preliminary results for the fourth-quarter 2009 and
full-year 2009, which in S&P's opinion show a gradual
stabilization in CWT's operating and trading environment."

Trading conditions in full-year 2009 remained tough.  According to
CWT's preliminary reports, net revenues of US$1.55 billion in the
12 months to Dec. 31, 2009, were down 19% compared with the same
period in 2008.  However, annual cost reductions of about
US$260 million helped to restore profitability for full-year 2009.
CWT's reported EBITDA margin -- before integration and other
exceptional costs -- increased by 80 basis points to 12.6% in the
12 months to Dec. 31, 2009, compared with 11.8% in 2008.  Looking
forward, CWT's management cautiously expects moderate top-line
growth in 2010, and S&P understands the upward trend in traffic
and transactions that began in the fourth quarter of 2009 has
continued into the first months of 2010, with traffic and
transactions up by about 6% and 7%, respectively, in February
compared with the previous year.

The CCR on CWT reflects S&P's view that the company's revenues and
margins are dependent on the highly cyclical business travel
sector, and as such are subject to volatility.  However, S&P
anticipates that the deterioration in revenues in 2009 should slow
and, all other factors being equal, CWT should be able to be at
least cash flow neutral by year-end 2010.

In S&P's view, CWT's cost-cutting efforts should crystallize in
tangible business benefits in 2010, thereby helping to stabilize
profitability by year-end.  The future evolution of the ratings
will in S&P's opinion be driven by the availability of liquidity,
as well as the company's ability to maintain adequate headroom
under its covenants and to stabilize revenues and strengthen
operating margins, all of which could trigger a positive rating
action.  In particular, S&P's rating decision would likely be
driven by CWT's ability to generate positive free operating cash
flow over the short term.

TRONOX INC: Pigments Units Had EUR120 Mil. in Sales in 2009
With sales of EUR120 million and clear indications that earnings
were positive, insolvent titanium dioxide producer Tronox Pigments
did comparatively well in 2009, according to Plast Europe.  The
report, however, says the former subsidiary of Tronox Inc. did not
provide any information on its earnings.

The recent investment plans, located in the high single-digit
millions range, provide some indication of its earnings position,
the report said.  The aim is to drive forward the development of
intelligent new products and to target markets as yet untapped by
the company, the report added.

                         About Tronox Inc.

Headquartered in Oklahoma City, Tronox Incorporated (Pink Sheets:
TRXAQ, TRXBQ) is the world's fourth-largest producer and marketer
of titanium dioxide pigment, with an annual production capacity of
535,000 tonnes.  Titanium dioxide pigment is an inorganic white
pigment used in paint, coatings, plastics, paper and many other
everyday products.  The Company's four pigment plants, which are
located in the United States, Australia and the Netherlands,
supply high-performance products to approximately 1,100 customers
in 100 countries.  In addition, Tronox produces electrolytic
products, including sodium chlorate, electrolytic manganese
dioxide, boron trichloride, elemental boron and lithium manganese

Tronox has US$1.6 billion in total assets, including US$646.9
million in current assets, as at September 30, 2008.  The Company
has US$881.6 million in current debts and US$355.9 million in
total noncurrent debts.

Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliates
filed for Chapter 11 protection on January 13, 2009 (Bankr.
S.D.N.Y. Case No. 09-10156).  The case is before Hon. Allan L.
Gropper. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and
Colin M. Adams, Esq., at Kirkland & Ellis LLP in New York,
represent the Debtors.  The Debtors also tapped Togut, Segal &
Segal LLP as conflicts counsel; Rothschild Inc. as investment
bankers; Alvarez & Marsal North America LLC, as restructuring
consultants; and Kurtzman Carson Consultants serves as notice and
claims agent.

An official committee of unsecured creditors and an official
committee of equity security holders have been appointed in the
cases.  The Creditors Committee has retained Paul, Weiss, Rifkind,
Wharton & Garrison LLP as counsel.

Until September 30, 2008, Tronox Inc. was publicly traded on the
New York Stock Exchange under the symbols TRX and TRX.B.  Since
then, Tronox Inc. has traded on the Over the Counter Bulletin
Board under the symbols TROX.A.PK and TROX.B.PK.  As of
December 31, 2008, Tronox Inc. had 19,107,367 outstanding shares
of class A common stock and 22,889,431 outstanding shares of class
B common stock.

Bankruptcy Creditors' Service, Inc., publishes Tronox Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding undertaken
by Tronox Inc. and its 14 affiliates.
( 215/945-7000)


POLSKI KONCERN: Fitch Affirms BB+ Long-Term Issuer Default Ratings
Fitch Ratings has affirmed Polish oil refining and marketing
company Polski Koncern Naftowy ORLEN S.A.'s Long-term foreign and
local currency Issuer Default Ratings at 'BB+' and the company's
Short-term foreign and local currency IDRs at 'B'.  Fitch has
simultaneously removed both Long-term IDRs from Rating Watch
Negative, which was assigned on September 2, 2009, due to
projections of a substantial erosion of PKN's credit metrics, and
assigned Negative Outlooks to the two ratings.  Fitch has also
affirmed PKN's foreign and local currency senior unsecured ratings
at 'BB+', and removed these ratings from RWN.

The rating action reflects PKN's reduced risk of a material
deterioration of its credit profile amid a deep downturn in the
refining and petrochemicals industry as the company managed to
considerably lower its net debt in Q409.  Working capital
optimization, in particular the extension of payments for some
crude oil supplies and factoring of trade receivables together
with better than expected cash flow from investments, partly
driven by one-off events, resulted in a 25% reduction in net debt
during Q409 to PLN10.3 billion at end-December 2009.

As a result, the deterioration of PKN's credit ratios at end-2009
was lower than projected by the agency.  Net debt to EBITDA,
excluding inventory holding gains/losses, but including the
Polkomtel dividend, deteriorated to 3.7x at end-2009 from 2.4x at
end-2008.  This compares favorably with Fitch's expectation for
this ratio exceeding 5x, when it placed PKN's ratings on RWN.  In
addition, the company met the financial covenants included in its
bank loan agreements as net debt to EBITDA, including inventory
holding gains/losses and the Polkomtel dividend, stood at 2.5x at

Following a recent management meeting with PKN, Fitch believes
that positive working capital changes that occurred in Q409 may be
regarded as sustainable for 2010.

The Negative Outlook reflects Fitch's view that the company's
credit ratios will remain under pressure in 2010, which is
expected to be another year of weak refining and petrochemicals
margins and a narrowed Brent to Ural oil price differential.
PKN's capex in 2010 is expected to remain high (PLN3 billion-
PLN3.5 billion) in addition to the PLN0.5 billion deferred payment
for the 2009 capex in petrochemicals.  Most refining companies
rated by Fitch currently have a Negative Outlook, mainly due to
the depressed margin environment.

A potential change of PKN's Outlook to Stable from Negative is
likely to depend on developments in the refining market, the
company's cash flow generation, reduction of working capital needs
related to its compulsory stock of crude oil and fuels, and
progress in non-core asset disposals.  The agency regards PKN's
financial burden, related to the funding of its compulsory oil and
fuel stock (PLN5.4 billion in its Polish operations at end-2009),
as considerably higher than other Fitch-rated European companies
with refining operations.  Poland's government is planning to
implement changes to its regulations that would gradually reduce
PKN's working capital needs by increasing the role of the state in
maintaining the compulsory stock.  In addition, PKN is planning
potential sales of part of its mandatory stock to a third party in
an off-balance-sheet structure that would give the company the
right to repurchase the stock in an emergency situation.

PKN had solid liquidity at end-December 2009 with short-term debt
of PLN1.6 billion covered with cash of PLN2.9 billion, and unused
committed bank facilities of more than EUR1bn (PLN4.1 billion) due
in 2012.


K TECH: Awaits Ruling on Bankruptcy Proposal
Ziarul Financial reports that Geanina Oancea, partner with BDO
Business Restructuring SPRL, the court-appointed administrator for
K Tech Ultra Pro, said a proposal to declare the company bankrupt
was discussed on March 2.

A ruling on the bankruptcy of K Tech Ultra Pro was expected last
week, the report notes.

According to the report, K Tech Electronics, the company founded
by spouses Alina and Cristian Fughina, had accumulated EUR28
million in debt to 84 creditors.

The report says the retailer collapsed at the end of last year due
to, among others, the management's inability to adapt its strategy
to the market decline, exposure to foreign exchange risk, and
dependence on foreign funding.


KAZANORGSINTEZ OJSC: Fitch Affirms Long-Term IDR at 'RD'
Fitch Ratings has affirmed Tatarstan-based chemical producer OJSC
Kazanorgsintez's ratings and notes that it does not expect KOS's
proposed tender to bondholders and an associated consent offer to
impact the company's ratings.

The rating actions are:

  -- Long-term Issuer Default Rating: affirmed at 'RD';

  -- Short-term IDR: affirmed at 'D'

  -- Senior unsecured US$200 million loan participation notes
     (Eurobonds): affirmed at 'C'; Recovery Rating: 'RR6'

While the March 1 offer, if successful, would mark an important
step in the group's debt restructuring plan, and could somewhat
alleviate future liquidity concerns with regards to the October
2011 maturity of KOS's US$200 million Eurobonds, the ratings
continue to reflect various uncured events of default and
uncertainties regarding the outcome of the ongoing debt

Fitch does not consider the proposed offer a coercive debt
exchange.  Securing five-year facilities of RUB20 billion and
RUB15 billion from Sberbank ('BBB'/Stable/'F3') (directly and via
shareholder TAIF) has improved the company's near term liquidity
position and somewhat reduces the probability of default or
insolvency should the transaction not be successful.  However,
Fitch believes that the restructuring process remains challenging,
and notes that KOS's creditors are now deeply subordinated to
Sberbank which benefits from state guarantees and security over
the group's fixed assets and over TAIF's 50.24% shareholding in
the company.  KOS has a heavy debt burden and faces significant
cash requirements in the near- to medium-term, including the
refinancing of approximately RUB30 billion of outstanding bank and
bond debt, accrued unpaid interest, unpaid suppliers dues, working
capital needs and capex.

Fitch notes that the tender and consent offer encompasses a
material reduction in contractual terms from the original loan
agreement.  The cash tender is for less than par (90%) and is
contingent on exit consents which materially impair the position
of bondholders that choose not to accept either the tender or
consent offer.  Specifically, in conjunction with the offer,
noteholders have been asked to vote on two extraordinary
resolutions for various amendments to the original agreement.  The
resolutions include the extension of the maturity of the notes to
2015 from 2011, the removal of the negative pledge and limitation
of indebtedness clauses, and a waiver of any Event of Default
which occurred prior to 2nd extraordinary resolution date.
Noteholders would vote in favour of the proposed amendments either
by tendering their notes or by providing consent.  If approved,
the extraordinary resolutions will be binding on all noteholders,
including those who choose to opt out of both the tender and
consent offer.  However, Fitch notes that this results from weak
protection language in the original agreement which allows for
material amendments to be passed with 75% of votes based on a
quorum of at least two investors holding no less than two thirds
of the aggregate principal amount outstanding.  As a slight
mitigation, KOS has offered noteholders an increase in the coupon
to 10%, from 9.25%.

The company's Long-term and Short-term IDR will remain at 'RD' and
'D' respectively, until KOS has completed a restructuring of its
outstanding debt and, in Fitch's opinion, is able to comply with
the new terms negotiated with its creditors.

* RUSSIA: Fitch Placed 13 Banks on Rating Watch Positive
Fitch Ratings has placed 13 privately-owned Russian banks on
Rating Watch Positive, placed 14 banks and one leasing company on
Rating Watch Evolving, and revised the Rating Watch on one bank to
Evolving from Negative.

The rating actions reflect the potential for future rating
upgrades following the better-than-expected performance of the
Russian banking sector during the global economic crisis.  In
particular, the actions take account of the strengthening of
certain aspects of market infrastructure during the crisis, most
notably in respect to banks' ability to access liquidity, in case
of need.

The resolution of the rating watches and decisions on potential
rating upgrades will be made following reviews of the current
financial position and prospects of each individual bank, and any
upgrades will in most cases likely be limited to one notch.  Fitch
expects to complete these reviews within the next three months.

Fitch has placed the ratings of these 13 banks, which previously
had Stable Outlooks, on RWP: Alfa-Bank ('BB-'), MDM Bank ('BB-'),
Nomos-Bank ('B+'), Evrofinance Mosnarbank ('B'), International
Industrial Bank ('B'), National Reserve Bank ('B'), Roseurobank
('B'), Centrocredit Bank ('B-'), Chelindbank ('B-'), Petersburg
Social Commercial Bank ('B-'), Bank Rossiya ('B-'), Russian
Universal Bank ('B-') and SDM-Bank ('B-').  The positive rating
watches reflect Fitch's expectation that a majority of these
banks' ratings will be upgraded following the completion of the

The 14 banks and one leasing company whose ratings have been
placed on RWE, and which previously had Negative Outlooks,
are: Promsvyazbank ('B+'), Russian Standard Bank ('B+'), Bank
Uralsib ('B+'), Uralsib Leasing Group ('B+'), Bank Zenit ('B+'),
Credit Bank of Moscow ('B'), Locko-bank ('B'), Central Commercial
Bank ('B-'), International Bank of St.  Petersburg ('B-'),
Primsotsbank ('B-'), SKB-Bank ('B-'), Bank Snezhinskiy ('B-'),
Spurt Bank ('B-'), Uraltransbank ('B-') and BTA-Kazan ('CCC').
Probusinessbank, which was previously on Rating Watch Negative,
has also been placed on RWE.  The RWE on these entities reflects
the potential for some of them to be upgraded as a result of the
upcoming reviews.  However, there is also a significant
probability in respect to each of these entities that ratings will
be affirmed at current levels, and Negative Outlooks may again be
assigned if Fitch remains concerned that certain banks' current
loss absorption capacity could be insufficient relative to asset
quality problems being faced.

The performance of the Russian banking sector during the financial
crisis has been better than Fitch would have expected pre-crisis
in two important respects.  Firstly, certain aspects of market
infrastructure have been strengthened considerably during the
crisis.  This has been most notable in respect to banks' ability
to access liquidity from the Central Bank of Russia through
unsecured facilities, repo transactions and pledging of non-
trading assets.  In addition, mechanisms have been put in place to
manage bank failures in a more orderly way, thus reducing
contagion risks for other banks in the sector, and larger
institutions can currently apply to the government for tier 1
capital injections.  Although it remains to be seen whether in a
post-crisis environment the Russian authorities would always
rescue individual banks in the way seen in H208, Fitch believes
that banks' improved access to liquidity will survive the current
crisis and remain available in case of broad systemic stress in
the future.

Secondly, Fitch notes that a large majority of rated banks look
set to survive the major asset quality stress posed by the crisis
without requiring emergency capital support from shareholders or
the Russian authorities.  Although Fitch does not rule out the
possibility of asset quality-driven bank failures in 2010, the
agency currently expects these to be at most isolated cases, and
notes that access to capital support from the Russian authorities
could help to limit or prevent creditor losses in respect to such

The rating actions are:

OJSC Alfa-Bank

  -- Long-term Issuer Default Rating (IDR): 'BB-'; placed on
     Rating Watch Positive

  -- Senior unsecured debt: 'BB-'; placed on Rating Watch Positive

  -- Subordinated debt: 'B+', placed on Rating Watch Positive

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: 'D'; placed on Rating Watch Positive

  -- Support Rating: affirmed at '4'

  -- Support Rating Floor: affirmed at 'B'

  -- National Long-term Rating: 'A+(rus)'; placed on Rating Watch


  -- Long-term foreign and local currency IDRs: 'BB-'; placed on
     Rating Watch Positive

  -- Senior unsecured debt: 'BB-'; placed on Rating Watch Positive

  -- Subordinated debt: 'B+', placed on Rating Watch Positive

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: 'D'; placed on Rating Watch Positive

  -- Support Rating: affirmed at '4'

  -- Support Rating Floor: affirmed at 'B'

  -- National Long-term Rating: 'A+(rus)'; placed on Rating Watch


  -- Long-term IDR: 'B+'; placed on Rating Watch Positive

  -- Senior unsecured debt: 'B+'; placed on Rating Watch Positive;
     Recovery Rating at 'RR4'

  -- Subordinated debt: 'B-'; placed on Rating Watch Positive;
     Recovery Rating at 'RR6'

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'B-'

  -- National Long-term Rating: 'A(rus)'; placed on Rating Watch


  -- Long-term IDR: 'B+'; placed on Rating Watch Evolving

  -- Senior unsecured debt: 'B+'; placed on Rating Watch Evolving;
     Recovery Rating at 'RR4'

  -- Subordinated debt: 'B-'; placed on Rating Watch Evolving;
     Recovery Rating at 'RR6'

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '4'

  -- Support Rating Floor: affirmed at 'B'

JSC Russian Standard Bank

  -- Long-term IDR: 'B+'; placed on Rating Watch Evolving
  -- Senior unsecured debt: 'B+'; placed on Rating Watch Evolving
  -- Short-term IDR: affirmed at 'B'
  -- Individual Rating: affirmed at 'D'
  -- Support Rating: affirmed at '5'
  -- Support Rating Floor: affirmed at 'No Floor'

Bank Uralsib

  -- Long-term IDR: 'B+'; placed on Rating Watch Evolving
  -- Short-term IDR: affirmed at 'B'
  -- Individual Rating: affirmed at 'D'
  -- Support Rating: affirmed at '4'
  -- Support Rating Floor: affirmed at 'B'

Uralsib Leasing Group

  -- Long-term foreign and local currency IDRs: 'B+'; placed on
     Rating Watch Evolving

  -- Short-term IDR: affirmed at 'B'

  -- Support Rating: '4'; placed on Rating Watch Positive

Bank Zenit

  -- Long-term IDR: 'B+'; placed on Rating Watch Evolving

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term Rating: 'A-(rus)'; placed on Rating Watch

Evrofinance Mosnarbank

  -- Long-term foreign currency IDR: 'B'; placed on Rating Watch

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term Rating: 'BBB(rus)'; placed on Rating Watch

International Industrial Bank

  -- Long-term foreign currency IDR: 'B'; placed on Rating Watch

  -- Senior unsecured debt: 'B'; placed on Rating Watch Positive;
     Recovery Rating at 'RR4'

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term Rating: 'BBB(rus)'; placed on Rating Watch

National Reserve Bank

  -- Long-term foreign currency IDR: 'B'; placed on Rating Watch

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No floor'

  -- National Long-term Rating: 'BBB-(rus)'; placed on Rating
     Watch Positive


  -- Long-term foreign currency IDR: 'B'; placed on Rating Watch

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No floor'

  -- National Long-term Rating: 'BBB-(rus)'; placed on Rating
     Watch Positive

Credit Bank of Moscow

  -- Long-term foreign currency IDR: 'B'; placed on Rating Watch

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term Rating: 'BBB-(rus)'; placed on Rating
     Watch Evolving


  -- Long-term foreign and local currency IDRs: 'B'; placed on
     Rating Watch Evolving

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term Rating: 'BBB-(rus)'; placed on Rating
     Watch Evolving

CentroCredit Bank

  -- Long-term foreign currency IDR: 'B-'; placed on Rating Watch

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: 'D/E'; placed on Rating Watch Positive

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term Rating: 'BB-(rus)', placed on Rating Watch


  -- Long-term IDR: 'B-'; placed on Rating Watch Positive

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: 'D/E'; placed on Rating Watch Positive

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No floor'

  -- National Long-term Rating: 'BB(rus)'; placed on Rating Watch

Petersburg Social Commercial Bank

  -- Long-term IDR: 'B-'; placed on Rating Watch Positive

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: 'D/E'; placed on Rating Watch Positive

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No floor'

  -- National Long-term Rating: 'BB-(rus)'; placed on Rating Watch

Bank Rossiya

  -- Long-term IDR: 'B-'; placed on Rating Watch Positive

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: 'D/E'; placed on Rating Watch Positive

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No floor'

  -- National Long-term Rating: 'BB-(rus)'; placed on Rating Watch

Russian Universal Bank

  -- Long-term foreign currency IDR: 'B-'; placed on Rating Watch

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: 'D/E'; placed on Rating Watch Positive

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term Rating: 'BB(rus)'; placed on Rating Watch


  -- Long-term foreign currency IDR: 'B-'; placed on Rating Watch

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: 'D/E'; placed on Rating Watch Positive

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term Rating: 'BB-(rus)'; placed on Rating Watch

Central Commercial Bank Limited

  -- Long-term foreign currency IDR: 'B-'; placed on Rating Watch

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: 'D/E'; placed on Rating Watch Evolving

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term Rating: 'BB-(rus)'; placed on Rating Watch

International Bank of Saint Petersburg

  -- Long-term IDR: 'B-'; placed on Rating Watch Evolving

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: 'D/E'; placed on Rating Watch Evolving

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term Rating: 'BB-(rus)'; placed on Rating Watch


  -- Long-term IDR: 'B-'; placed on Rating Watch Evolving

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: 'D/E'; placed on Rating Watch Evolving

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No floor'

  -- National Long-term Rating: 'BB(rus)'; placed on Rating Watch


  -- Long-term IDR: 'B-'; placed on Rating Watch Evolving
  -- Short-term IDR: affirmed at 'B'
  -- Individual Rating: 'D/E'; placed on Rating Watch Evolving
  -- Support Rating: affirmed at '5'
  -- Support Rating Floor: affirmed at 'No floor'

Bank Snezhinskiy PJSC

  -- Long-term IDR: 'B-'; placed on Rating Watch Evolving
  -- Short-term IDR: affirmed at 'B'
  -- Individual Rating: 'D/E'; placed on Rating Watch Evolving
  -- Support Rating: affirmed at '5'
  -- Support Rating Floor: affirmed at 'No floor'

JSC Spurt Bank

  -- Long-term IDR: 'B-'; placed on Rating Watch Evolving

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: 'D/E'; placed on Rating Watch Evolving

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No floor'

  -- National Long-term Rating: 'BB-(rus)'; placed on Rating Watch


  -- Long-term IDR: 'B-'; placed on Rating Watch Evolving

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: 'D/E'; placed on Rating Watch Evolving

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No floor'

  -- National Long-term Rating: 'BB(rus); placed on Rating Watch


  -- Long-term foreign and local currency IDRs: 'B-'; Rating Watch
     revised to Evolving from Negative

  -- Senior unsecured debt: 'B-'; Rating Watch revised to Evolving
     from Negative; Recovery Rating at 'RR4'

  -- Short-term foreign currency IDR: affirmed at 'B'; removed
     from Rating Watch Negative

  -- Individual Rating: 'D/E'; Rating Watch revised to Evolving
     from Negative

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term Rating 'BB-(rus)'; Rating Watch revised to
     Evolving from Negative

JSC Bank BTA-Kazan (OJSC)

  -- Long-term IDR: 'CCC'; placed on Rating Watch Evolving

  -- Short-term IDR 'C', placed on Rating Watch Positive

  -- Individual Rating: 'E'; placed on Rating Watch Positive

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No floor'

  -- National Long-term Rating: 'B(rus) '; placed on Rating Watch

* RUSSIA: Fitch Releases Podcast on Rating Upgrade of Telecoms
Fitch Ratings has released a podcast which provides a more
detailed explanation of the agency's rating rationale behind the
upgrade of five Russian telecom incumbents earlier this week.

The podcast features an audio interview with Nikolai Lukashevich,
a Senior Director in Fitch's TMT team in Moscow.  It includes key
insights into the agency's rating approach and addresses specific
factors regarding the 2 March, 2010 rating action affecting the
Russian telecom incumbents.

On March 2, Fitch upgraded OAO Centertelecom, OAO North-West
Telecom, OJSC Volgatelecom and OAO Sibirtelecom's Long-term
foreign currency Issuer Default Ratings to 'BB' with Stable
Outlooks respectively.  The agency also upgraded OAO
Uralsvyazinform's Long-term foreign currency IDR to 'BB-', and
affirmed OJSC Far East Telecom's (also known as OAO Dalsvyaz)
Long-term foreign currency IDR at 'BB-'.  Both these latter two
companies' Outlooks are Positive.


HIPOCAT 11: S&P Downgrades Rating on Class C Notes to 'CCC'
Standard & Poor's Ratings Services lowered to 'CCC' its credit
rating on Hipocat 11, Fondo de Titulizacion de Activos' class C
notes, as S&P expects that these notes will miss interest payments
in the near term.  S&P also placed classes A2, A3, and B on
CreditWatch negative.  At the same time, S&P placed on CreditWatch
negative its ratings on Hipocat 10, Fondo de Titulizacion de
Activos's class B and C notes.  Its class A2, A3, and A4 notes
remain unaffected.

The mortgage portfolios underlying these transactions have
generated high delinquency levels.  As of the end of December,
delinquencies -- defined as arrears greater than 90 days
(including outstanding defaulted loans) -- were 4.37% and 8.51% of
the current collateral balance in Hipocat 10 and Hipocat 11,

In Hipocat 10, cumulative defaults as a percentage of the original
pool balance increased to 4.73% in December 2009 from 0.34% in
December 2008.  For the same period, this ratio has increased to
7.69% from 0.13% in Hipocat 11.  As a result of the high level of
defaults and a structural mechanism requiring a full provision for
defaulted loans, both issuers have drawn on their cash reserves.
The cash reserve is 0.70% in Hipocat 10 of the outstanding
collateral balance, and it has almost depleted in Hipocat 11.

When cumulative defaulted loans (defined as arrears greater than
18 months) in these securitizations reach certain levels, the
priority of payments changes so as to postpone interest payments
on the related class of notes and divert these funds to amortize
the most senior class of notes.  The trigger levels in Hipocat 10
are 11% for class B and 7% for class C.  In Hipocat 11, these
triggers are 13.2% and 8.9% for classes B and C, respectively.

The lower arrears buckets (30-60 days and 60-90 days), have
decreased from their peak in Q2 2009 in both transactions.
However, the levels of loans in arrears more than 90 days are
above the market average, especially in the case of Hipocat 11.

The class D notes in both transactions were issued to fund the
cash reserves at closing.  S&P lowered the ratings on these notes
to 'D' in July 2009 after the issuer missed timely payment of

Hipocat 10 issued the notes in July 2006 and Hipocat 11 in March
2007.  The underlying portfolios include residential mortgage
loans secured over properties in Spain.  Caixa Catalunya
originated and services the mortgage loans.

                           Ratings List

           Hipocat 10, Fondo de Titulizacion de Activos
EUR1.526 Billion Residential Mortgage-Backed Floating-Rate Notes

              Ratings Placed On CreditWatch Negative

              Class      To                      From
              -----      --                      ----
              B          A/Watch Neg             A
              C          BBB/Watch Neg           BBB

                        Ratings Unaffected

                         Class      Rating
                         -----      ------
                         A2         AAA
                         A3         AAA
                         A4         AAA
                         D          D

           Hipocat 11, Fondo de Titulizacion de Activos
EUR1.628 Billion Residential Mortgage-Backed Floating-Rate Notes

          Ratings Placed On CreditWatch Negative

              Class      To                    From
              -----      --                    ----
              A2         AAA/Watch Neg         AAA
              A3         AAA/Watch Neg         AAA
              B          BBB/Watch Neg         BBB

                          Rating Lowered

              Class      To                    From
              -----      --                    ----
              C          CCC                   BB+

                        Rating Unaffected

                         Class      Rating
                         -----      ------
                         D          D

IM BANCO: Moody's Assigns 'Caa1' Rating on Class B Notes
Moody's Investors Service assigned provisional credit ratings to
these classes of Notes issued by IM Banco Popular MBS 2:

* (P) Aaa to the EUR596,000,000 Class A due 2052
* (P) Caa1 to the EUR89,000,000 Class B due 2052

The transaction represents the securitization of Spanish High LTV
mortgage loans originated by Banco Popular, S.A. The assets
supporting the notes are prime mortgage loans secured on
residential and some commercial properties located in Spain.  The
portfolio will be serviced by Banco Popular, S.A.

Moody's based the provisional ratings primarily on: (i) an
evaluation of the underlying portfolio of loans; (ii) an analysis
of the collateral historical performance; (iii) the swap
agreements hedging the interest rate risk; (iv) the credit
enhancement provided by the reserve fund, the subordination of the
notes, and the excess spread; and (v) the legal and structural
integrity of the transaction.

The expected portfolio loss of 6.0% and the MILAN Aaa required
credit enhancement of 22.5% serve as input parameters for Moody's
cash flow model, which is based on a probabilistic lognormal
distribution as described in the report "The Lognormal Method
Applied to ABS Analysis", published in September 2000.  Specific
characteristic of this High LTV pool such as missing information
on employment type, combined with uncertainty in the real estate
sector and the deteriorating economic environment drove to a Milan
Aaa CE in excess of that which would be driven by the MILAN model

The V Score for this transaction is Medium, which is in line with
the V score assigned for the Spanish RMBS sector.  Only four sub
components underlying the V Score have been assessed higher than
the average for the Spanish RMBS sector.

Issuer/Sponsor/Originator's Historical Performance Variability is
Medium/High, which is higher than the Medium V score assigned for
the Spanish RMBS sector for this sub component because High LTV
pools have historically higher defaults and arrears than
traditional mortgages pools.  The Sector's Historical Downgrade
Rate, Disclosure of Securitization Collateral Pool Characteristics
and Transaction Complexity are also assessed as Medium, which are
higher than the Low/Medium V score assigned for the Spanish RMBS
sector for those sub components.  This is due to the exposure of
the transaction to HLTV's which have suffered more downgrades than
traditional mortgages pools in recent years, no employment data
and no months current data available and because HLTV loans are
more exposed to house price declines.  V-Scores are a relative
assessment of the quality of available credit information and of
the degree of dependence on various assumptions used in
determining the rating.  High variability in key assumptions could
expose a rating to more likelihood of rating changes.  The V-Score
has been assigned accordingly to the report "V-Scores and
Parameter Sensitivities in the Major EMEA RMBS Sectors" published
in April 2009.

The provisional ratings address the expected loss posed to
investors by the legal final maturity.  The structure allows for
timely payment of interest and ultimate payment of principal at
par on or before the legal final maturity date.  Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed but may have a
significant effect on the yield to investors.


CRYSTAL CREDIT: S&P Retains Junks Ratings on Class B & C Notes
Standard & Poor's Ratings Services said that its credit ratings
are unaffected on all classes of Crystal Credit Ltd.'s principal-
at-risk variable-rate notes, after S&P received new information on
the transaction.  The actual claim activity for Q4 2009 is broadly
in line with S&P's expectations.

S&P has received further information from Swiss Reinsurance Co.
Ltd. (Swiss Re; A+/Stable/A-1), including confidential information
regarding its reserving levels and additional analysis of
potential portfolio development under various scenarios.

Crystal Credit involves the securitization of payments related to
an indemnity-based excess-of-loss retrocession agreement between
Swiss Re and Crystal Credit, covering the risk to a defined
portfolio of credit reinsurance treaties for the underwriting
years 2006 to 2008.

Based on this new information, the views S&P reached at its last
review in August 2009 remain unchanged.  S&P still believes that
losses on the class C notes are very likely to be higher than the
attachment point at maturity of the notes, and that the repayment
of principal will most likely not be made in full by the notes'
legal maturity.  The default probability for the other two classes
of notes has also stayed the same.

For the class C notes to incur a loss, aggregate ceded losses must
reach EUR666 million at maturity.  Swiss Re's last investor
report, based on information as of Nov. 29, 2009, reported
aggregate losses to Crystal Credit of EUR749 million for the
underwriting years 2006-2008.  Further loses may be reported
before the maturity date, in April 2012; similarly there may be
recoveries that lead to a reduction in some of the currently
reported aggregate losses.

The current aggregate gross amount of losses for each underwriting
year is: EUR208 million for 2006, EUR328 million for 2007, and
EUR351 million for 2008.  According to the terms of the
retrocession agreement, Swiss Re retains at least 10% of the
aggregate losses for each underwriting year.  The ultimate
percentage depends on the gross reinsurance premium Swiss Re
receives for each underwriting year.

The attachment point for the class B notes is EUR729 million of
aggregate ceded losses for the three underwriting years 2006-2008.
Swiss Re has witnessed a longer reporting lag in the current
circumstances as a result of an unusually high number of claims
and exceptionally high claims intensity, which it expects to
continue.  For this reason, Swiss Re's estimate of the loss ratio
for the underwriting year 2008 has significantly increased above
historical claims levels, making it much more likely that the
class B notes will incur a principal loss.

Given the nature of the credit reinsurance business, it will take
about two years for premiums and losses reported to Swiss Re to
reach a stable level.  S&P doesn't expect much variation in the
figures reported for the underwriting year 2006.  For the
underwriting year 2008, though, the uncertainty remains very high,
as some of the credit reinsurance treaties are still on risk --
meaning losses are still occurring -- and Swiss Re's cedants now
report premium and loss numbers to it.

Although the treaties for the underwriting year 2007 are no longer
at risk, the delay in reporting means that there is still
uncertainty regarding the numbers reported to Swiss Re.  Further,
the 2007 losses are already higher than the 2006 losses, and S&P
anticipates that further losses will be reported and that the 2008
losses will be noticeably above the losses for either 2007 or

The close-out period for the 2008 underwriting year ended on
Dec. 31, 2009, when the loss development period will start.  This
period allows Swiss Re's cedants to report losses and premiums to
it for the reserve component of the retroceded losses to be
converted into paid losses, and for agreeing the ultimate loss
amount to be paid to Swiss Re.  This period enables ultimately
reported losses to develop mostly into paid losses as opposed to

Based on the terms of the transaction, it will only be between
April 1 and April 15, 2012, that Swiss Re will be able to deliver
a proof of loss to Crystal Credit to request the payment of the
ultimate amount of losses under the retrocession agreement.

Swiss Re has appointed Towers Perrin Forster & Crosby Inc. (TPFC)
as the reserve validation firm, according to the terms of the
retrocession agreement.  If Swiss Re delivers a proof of loss
containing reported reserves greater than zero, TPFC will perform
a review of the reported reserves and a report will be due 15 days
after the delivery of proof of loss.  KPMG Cayman Islands is the
appointed claims reviewer.

Following the extension, the maturity of all classes of notes is
June 30, 2012.  Swiss Re has the option to redeem one or more
classes of notes before the extended maturity.

S&P will monitor the quarterly premium and loss reports and
request further information from Swiss Re as S&P see necessary
until the maturity of the notes.

                          Ratings List

                       Crystal Credit Ltd.
       EUR252 Million Principal-At-Risk Variable-Rate Notes

                         Class    Rating
                         -----    ------
                         A        B+
                         B        CCC+
                         C        CC


CENTRAL EUROPEAN MEDIA: Aims to Report Better Earnings in 2010
Lenka Ponikelska at Bloomberg News reports that Central European
Media Enterprises Limited aims to report "better" earnings in 2010
as it sold its Ukrainian operations and relies on a regional
recovery.  The report relates Chief Executive Officer Adrian Sarbu
said that the company will strive to post higher earnings before
interest, taxes, depreciation and amortization across its

"Assuming that we'll close the deals in Ukraine and Bulgaria,
which we're aiming to do, all our operations will post positive
full-year Ebitda," Mr. Sarbu told Bloomberg News in an interview.
"It is also a target for us to deliver better Ebitda than last
year; we will do our best but everything depends on the markets,"
he added.

According to the report, CME has been trying to offset a 30%
decline in advertising spending in its markets during east
Europe's recession by divesting the unprofitable Ukrainian unit,
moving its main operations from London to Prague and adjusting
programming costs.  The report relates that the company expects a
market rebound in the second half of 2010.

Meanwhile, Bloomberg News notes that the International Monetary
Fund forecasts emerging Europe to crawl out of recession this
year, posting a combined 1.8% growth rate.

Mr. Sarbu, the report says, said that CME plans to focus on
"expanding its footprint" in the region by creating and
distributing its own content and adding channels. U.S. programming
generates a third of the audience share it generated five years
ago.  The company will also expand its content distribution on
mobile and fixed Internet by offering a mix of paid and ad-driven
streams, Mr. Sarbu added.  Bloomberg News adds that Mr. Sarbu is
also keen to bring 3D broadcasting to viewers in the region.

As reported in the Troubled Company Reporter-Latin America on
February 25, 2010, CME's net revenues for the fourth quarter of
2009 decreased 14% to US$252.1 million, compared to the fourth
quarter of 2008.  EBITDA for the quarter decreased 45% to US$44.1
million.  Operating income for the quarter increased US$302.2
million to US$23.0 million.  Net revenues for the year ended
December 31, 2009 decreased 30% to US$714.0 million, compared to
the year ended December 31, 2008.  EBITDA for the year decreased
75% to US$74.9 million.

                    About Central European Media

Headquartered in Bermuda, Central European Media Enterprises Ltd.
-- invests in, develops and operates
commercial television channels in Central and Eastern Europe.  At
present, the Company has operations in Bulgaria, Croatia, the
Czech Republic, Romania, the Slovak Republic, Slovenia and
Ukraine.  The Company holds its assets through a series of Dutch
and Netherlands Antilles holding companies.  It has ownership
interests in license companies and operating companies in each
market in which it operates.  Operations are conducted either by
the license companies themselves or by separate operating
companies.  The Company generates revenues primarily through
entering into agreements with advertisers, advertising agencies
and sponsors to place advertising on air of the television
channels that it operates.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on March 4,
2010, Moody's Investors Service has affirmed the B2 Corporate
Family Rating and the B2 Probability of Default Rating of Central
European Media Enterprises Ltd and revised the outlook on the
ratings to stable from negative.  At the same time, Moody's
downgraded to B3 from B2 the rating of the company's
EUR150 million senior notes due 2014.

UKRHAZ-ENERHO: Court Upholds Appeal on Liquidation Ruling
Ukrainian News Agency reports that the Kyiv Business Appeal Court
upheld an appeal by the Ukrhaz-Enerho joint venture in February

According to Ukrainian News' source, the appeal court ordered the
Kyiv Business court to reconsider the ruling of October 1, 2008,
on liquidation of the Ukrhaz-Enerho because of newly uncovered

Ukrainian News notes the source did not disclose the newly
uncovered circumstances, but he did say that the High Business
Court suspended the case on liquidation of Ukrhaz-Enerho in 2009
pending consideration of a request to review the case because of
newly uncovered circumstances.

Ukrainian News recalls the Kyiv Business Court ordered liquidation
of Ukrhaz-Enerho on October 1, 2008, based on a lawsuit filed by
the Naftohaz Ukrainy national joint-stock company.

The court also ruled that the inaugural meeting of the founders of
the company that took place on February 2, 2006, the decisions
that the shareholders of the company made on April 28, 2007, and
the statutes of the company were invalid, Ukrainian News recounts.

The Kyiv Business Court amended the decision of the lower court on
June 1, 2009, Ukrainian News relates.

Naftohaz Ukrainy and RosUkrEnergo created Ukrhaz-Enerho in
February 2006 with a statutory capital of UAH5 million and with
each of them owning a 50% stake in the joint venture, according to
Ukrainian News.

U N I T E D   K I N G D O M

ALTERNATIVE HOTEL: Lloyds to Swap GBP650 Mil. Debt for Equity
Dominic Walsh at The Times reports that Lloyds Banking Group will
swap about GBP650 million of debt in the Alternative Hotel Group
for preference shares in a refinancing of the biggest loan
inherited from HBOS.

According to the report, the move will cut AHG's debt burden from
about GBP1.7 billion to just over GBP1 billion and the term will
be extended to give management a chance to rebuild the group's
value over the coming years.

The report says the loan has been extended by two years to
December 2013, with an option to extend it further until 2016.
Covenants have been relaxed and funding made available to continue
expanding the business, the report states.

The refinancing, which cuts AHG's annual interest by about GBP60
million, is a recognition of the collapse in hotel values in the
wake of a sharp decline in trading since the demise of Lehman
Brothers, the report notes.

The report relates the completion of the refinancing comes six
months after Lloyds, as part of its review of HBOS loans,
appointed Deloitte to review the group's operational and financial
position.  Lazard has been advising AHG, the report discloses.

Based in London, United Kingdom, Alternative Hotel Group Ltd. is a
hotel and conference center operator.  AHG owns properties such as
Cameron House in Scotland and Slaley Hall in Northumberland
through its De Vere chain.  It also owns Village Hotels & Leisure
Clubs and the Greens gym chain.

BRADFORD & BINGLEY: PIBS Bondholders Won't Get Compensation
Philip Aldrick at The Daily Telegraph reports that around 2,000
retired investors are being denied compensation from the UK
government for the losses sustained when Bradford & Bingley was

The report relates Peter Clokey, the independent valuer who will
decide whether B&B's shareholders and bondholders are entitled to
compensation, has written to the holders of "perpetual
subordinated notes" to tell them that they do not qualify.

According to the report, the holders are largely pensioners who
bought the bonds when the buy-to-let mortgage lender was still a
building society, before it floated in December 2000.  In total,
the 2,000 investors bought GBP105 million, or GBP52,500 each, of
what were then called permanent interest bearing shares (PIBS),
the report says.

PIBS holders, who are being represented by the B&B Shareholders
Action Group (BBAG), are now considering launching a judicial
review against the Treasury, the report relates.  Charles Fussell,
whose firm is representing BBAG, has written to Mr. Clokey
requesting clarification and will be seeking confirmation of the
decision from the Treasury, the report discloses.

The report says under the terms of the bank's nationalization in
September 2008, bondholders will not get any money back until B&B
has fully repaid the GBP14 billion owed to the Financial Services
Compensation Scheme and GBP4 billion owed to the government, with
interest.  It is likely to be many years before it is clear
whether bondholders will receive a penny, the report states.


As reported by the Troubled Company Reporter-Europe on Jan. 26,
2010, the European Commission approved under EU state aid rules
government measures granted for the liquidation of Bradford &
Bingley.  Following Bradford & Bingley's split-up and
nationalization of the part containing the impaired assets in
2008, the UK authorities notified a liquidation plan for the bank.
The Commission authorized the measures, because they are
appropriate and necessary for an orderly winding down of the bank
while taking into account the necessity to preserve the confidence
of creditors in the financial system and remedy a serious
disturbance of the UK economy.  The Commission therefore concluded
that the plan is compatible with Article 107(3)(b) of the Treaty
on the Functioning of the European Union, that allows aid to
remedy a serious disturbance in a Member State's economy.

The decision in the case of Bradford & Bingley, together with the
decision taken on Dunfermline, is closing the chapter of UK bank
restructuring prompted by State aid in the context of the
financial crisis.

Bradford and Bingley provided specialist mortgages and savings
products.  It operated 197 branches and 141 agencies spread across
the UK.  Its market share of net new mortgage lending at the end
of the 2007 was 7.7%.

By September 2008, the bank had fallen into difficulties due to
its dependence on wholesale funding and its risky loan portfolio,
which resulted in the withdrawal of its license to accept deposits
by the UK Financial Services Authority.  The UK authorities
decided to nationalize and wind down the bank while it was still
solvent, sell its retail deposit book and branches to Abbey
National and provide the remaining part of the business with a
working capital facility and guarantee arrangements.  These
measures were authorized by the Commission as rescue aid on
October 1, 2008, under which the UK was obliged to submit
liquidation or restructuring plan for Bradford & Bingley.

The liquidation plan submitted by the UK foresees a prolongation
of the rescue measures previously authorized, which are now
extended for the liquidation of the bank, and a potential capital

The Commission concluded that the liquidation plan ensures an
orderly winding down of Bradford & Bingley in a manner which
maintains financial stability.  The liquidation period covers more
that 10 years.  However, once the bank is no longer active in the
market, competitive distortions are limited.  The wind-down can be
accelerated by a sale of the remaining assets when market
conditions improve.

EASTERN CHOICE: Appoints Claire Middlebrook as Receiver
The Scotsman reports that Claire Middlebrook, insolvency director
of Scottish accountancy firm, Henderson Loggie was appointed as
receiver of Eastern Choice Ingredients.

"I was brought in when it became clear that the future at Eastern
Choice Ingredients was looking doubtful and administrative
receivership -- the equivalent of Scottish receivership -- was the
only option.  I have identified one potential buyer and am hopeful
of a successful outcome," the report quoted Ms. Middlebrook as

Eastern Choice Ingredients is a speciality sauce producer in South
Wales, according to The Scotsman.

EVERGREEN FOOD: In Receivership; FGS Partnership On Board
Jason Godefroy and Andrew Stoneman, Partners at MCR, were
appointed Administrators of Seatek (UK) Ltd., Oriental Delight
Foodservice Ltd., and Vision Seafoods Ltd. on February 23, 2010.
On the same day, Jason Godefroy and Declan Taite (FGS Partnership)
were appointed Joint Receivers of Evergreen Food Services Ltd.

Seatek is a frozen, fresh and ambient fish and seafood wholesaler
within the UK.  With sales offices throughout the UK and Ireland,
Seatek offers a one stop shop for the wholesale and catering
sector, controlling every aspect of the supply process from catch
through to delivery.  The company employs around 65 staff based at
Billingsgate Market in London.  In 2009 it had a turnover of
cGBP36 million.

Oriental Delight Foodservice is a sister company focused on
delivering a wide range of fresh, frozen and ambient foods to the
Ethnic markets.  It employs 14 staff in Redditch in
Worcestershire.  Finally, Vision Seafoods, is one of Europe's
leading importers and wholesalers of speciality seafood, meat and

Evergreen Food Services (including the CX brand) has been
operating in the Irish market since 1994 and specializes in
providing food to Ethnic markets.  The company also had a
significant catering supply operation.

Evergreen Foods operates from a 40,000 square foot depot in Athy,
Co Kildare, and employed 46 staff.

All four companies are part of the international food group,
British Seafood Ltd, which went into Administration last week,
with Deloitte LLP.

Jason Godefroy, Partner at MCR stated: "This is a complex case
involving multiple parties, but we are still trading through the
Administration process as we identify a buyer as the underlying
business is profitable.  It is too early to identify the reason as
to why these companies fell into Administration as it does appear
to be company specific as opposed to adverse market conditions."

FOXTONS HOLDINGS: Posts GBP218MM Loss in Yr. Ended December 2008
Rowena Mason at The Daily Telegraph reports that in a regulatory
filing to Companies House, documents reveal that Foxtons Holdings
Ltd. made a GBP218 million pre-tax loss for the year to the end of
December 2008.

According to the report, the accounts, submitted months late, show
that the operating loss for the year was GBP13.3 million, before a
GBP163 million goodwill write-down, on turnover of GBP84 million.

By the end of 2008, Foxtons owed GBP376 million, with interest on
bank loans reaching GBP39 million, the report states.

As reported by the Troubled Company Reporter-Europe on January 11,
2010, Foxtons was owned by private equity firm BC Partners, but
its lenders took control of the company in January in a
restructuring of its debt.  The company breached its loan
covenants and missed interest-cover and debt-to-earnings targets,
the report recounts.  It then spent months negotiating with its
lenders, Mizuho and Bank of America, about a debt-for-equity swap,
the report notes.

Earlier this year, BC Partners' original GBP260 million loan,
which had subsequently increased to GBP300 million, was written
down to GBP120 million, the report relates.  As part of the deal,
BC Partners injected just under GBP50 million of new cash into the
business, the report says.

Foxtons is a London and Surrey estate agent with 24 offices,
dealing with both lettings and sales.  It was founded by Jon Hunt
in 1981.

LINPAC GROUP: Lenders Mull Break-Up, Sale of Four Divisions
Martin Arnold and Lina Saigol at The Financial Times report that
lenders to Linpac Group are planning to break up and sell the

The FT recalls Linpac was taken over by its lenders, including
Deutsche Bank and Lloyds Banking Group, late last year, wiping out
the investment of Montagu Private Equity, which bought the company
for GBP860 million in 2003.

The company's lenders have hired Bank of America Merrill Lynch to
advise on strategic options, the FT relates.  According to the FT,
the most likely outcome is a break-up and sale of Linpac's four
divisions: the main food packaging business, the Allibert
returnable transit packaging unit, the Viscount business in Asia-
Pacific and Ropak in North America.

Linpac Group -- makes some 10,000
different plastic packages and specialty items.  Its lineup
includes food containers for everything from donuts to fish, plus
mini to mega transit crates, printed plastic pails and boxes, and
various plastic and metal products, such as shelving and street
furniture.  Customers are manufacturers of foods, household and
commercial products, as well as petroleum and construction
businesses.  The Group markets packaging along with a slate of
supply chain services from 90 locations dotting the globe.
Founded in 1959, the Group is held by a banking consortium.

MANCHESTER UNITED: Takeover Could Triple Glazer Family's Money
Jenny Davey and Ben Marlow at The Sunday Times report that the
Glazer family could nearly triple their money only five years
after buying Manchester United if the Red Knights consortium of
City financiers pulls off a GBP1.25 billion takeover of the
football club.

According to the report, City sources said about GBP750 million
would go to the Glazers, who put in GBP272 million when they
bought the club in 2005.

The Florida-based family insisted last week they had no plans to
sell, the report recalls.

The report says it is understood that the Knights value United at
up to GBP1.25 billion, including its GBP500 million of debt.  They
hope to raise GBP750 million to pay off the Glazers -- GBP250
million from supporters' groups and GBP500 million from a
consortium of wealthy private investors -- and would retain the
GBP500 million of bond debt raised by the club in January, the
report states.

The Glazers' proceeds would probably be reduced by the need to
repay GBP200 million of "PIK" (payment in kind) notes that helped
to finance the original takeover, the report notes.

Manchester United Limited -- operates
Manchester United Football Club, one of the most popular and
successful soccer teams in the world.  Man U is currently the top
soccer team the UK's Premier League, boasting 18 championships and
11 FA Cup titles.  Manchester United generates revenue primarily
through ticket sales at venerable Old Trafford stadium, as well as
through broadcasting rights and sales of Red Devils merchandise.
Man U was founded as Newton Heath in 1878 before changing its name
in 1902.  It is owned by American tycoon Malcolm Glazer, whose
holdings include the Tampa Bay Buccaneers NFL team and a majority
stake in Zapata.

NORTEL NETWORKS: Proposes LinkLaters as U.K. Counsel
Nortel Networks Inc. and its affiliated debtors seek Bankruptcy
Court approval to employ Linklaters LLP, as their U.K. counsel,
effective January 26, 2010.

The Debtors tapped the services of Linklaters in light of the
proofs of claim that were filed against NNI and some of its
affiliates by the Board of the Pension Protection Fund.

NNUK Pension Trust serves as trustee of the pension scheme of
Nortel Networks UK Ltd. while the PPF Board manages U.K.'s
Pension Protection Fund.

The amount of claim asserted by the Pension Trustee and the PPF
Board has not yet been determined.  It is, however, believed to
be over GBP2.1 billion, which is the estimated NNUK's pension
scheme deficit as of January 13, 2009.

"Linklaters' resources and capabilities are crucial to the multi-
jurisdictional issues confronting the Debtors' success including
asserted potential pension obligations under U.K. law," says the
Debtors' counsel, Ann Cordo, Esq., at Morris Nichols Arsht &
Tunnell LLP, in Wilmington, Delaware.

"The services of Linklaters are necessary and essential to enable
the Debtors to defend the claims of the trustee and the PPF," Ms.
Cordo says in court papers.

As the Debtors' U.K. counsel, Linklaters will be tasked to
provide advice to the Debtors about U.K. law and other legal
services in connection with the alleged pension obligations and
the proofs of claim filed by the Pension Trustee and the PPF.

Linklaters will be paid for its services on an hourly basis and
will also be reimbursed of its necessary and reasonable expenses.
The firm's hourly rates are:

      Partners                  GBP650
      Counsel                   GBP600
      Managing Associates       GBP550
      Associates                GBP465
      Trainee Solicitors        GBP280
      Paralegals                GBP125

The Debtors will also be charged of fees and expenses of Paul
Newman QC and James Walmsley of Wilberforce Chambers, the
barristers instructed by Linklaters to represent NNI and Nortel
Networks (CALA) Inc. in their Chapter 11 cases or to defend their
rights under U.K. law.  The hourly rates of Messrs. Newman and
Walmsley are GBP500 and GBP175, respectively.

In a declaration filed with the Court, Mark Blyth, Esq., a
partner at Linklaters, assures the Court that his firm does not
have interests adverse to the interest of the Debtors or their
creditors.  He asserts that Linklaters is a "disinterested
person" as the term is defined under Section 101(14) of the
Bankruptcy Code.

                       About Nortel Networks

Nortel Networks (OTCBB:NRTLQ) --
delivers communications capabilities that make the promise of
Business Made Simple a reality for the Company's customers.  The
Company's next-generation technologies, for both service provider
and enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young was appointed to
serve as monitor and foreign representative of the Canadian Nortel

The Monitor sought recognition of the CCAA Proceedings in the U.S.
by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164).  Mary Caloway,
Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney
PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection.  The Nortel Companies related in
a press release that Nortel Networks UK Limited and certain
subsidiaries of the Nortel group incorporated in the EMEA region
have each obtained an administration order from the English High
Court of Justice under the Insolvency Act 1986.  The applications
were made by the EMEA Subsidiaries under the provisions of the
European Union's Council Regulation (EC) No. 1346/2000 on
Insolvency Proceedings and on the basis that each EMEA
Subsidiary's centre of main interests is in England.  Under the
terms of the orders, representatives of Ernst & Young LLP have
been appointed as administrators of each of the EMEA Companies and
will continue to manage the EMEA Companies and operate their
businesses under the jurisdiction of the English Court and in
accordance with the applicable provisions of the Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion.  The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies.  As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about
US$4.2 billion of unsecured public debt.

Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates.  (
or 215/945-7000)

PROMINENT CMBS: Fitch Affirms Rating on Class F Notes at 'CC'
Fitch Ratings has affirmed the ratings of Prominent CMBS Conduit
No.2 Limited's commercial mortgage-backed notes, due April 2019.
The ratings are affirmed are:

  -- GBP361.3 million class A (XS0303848229) affirmed at 'A';
     Outlook Negative

  -- GBP18.9 million class B (XS0303848815) affirmed at 'BBB-';
     Outlook Negative

  -- GBP18.9 million class C (XS0303849201) affirmed at 'B';
     Outlook Negative

  -- GBP20.0 million class D (XS0303849896) affirmed at 'CCC';
     assigned a Recovery Rating (RR) of 'RR5'

  -- GBP11.0 million class E (XS0303850555) affirmed at 'CCC';
     assigned 'RR5'

  -- GBP17.0 million class F (XS0305344417) affirmed at 'CC';
     assigned 'RR5'

The affirmation of the notes follows a satisfactory review of the
transaction's performance.  The Negative Outlooks on the class A,
B and C notes reflect Fitch's ongoing concern with regards to the
upcoming maturity of the Cavendish loan (11.5% of the pool).

Although the trend for secondary, tertiary and non-standard
property types continues to be uncertain, market research suggests
that yields on UK commercial real estate have started to stabilize
particularly across prime markets.  The majority of the assets
within the reference portfolio are considered above-average; the
locations, tenant covenant strengths, weighted average lease
lengths, and lot sizes should generally result in good
marketability and re-letting prospects.

The loans are secured by a mixture of use types, predominantly
office (34% by market value) and retail (26%).  Three of the loans
(Colombina, Lavincino and Ambassador, 70.6% of the pool) have
subordinated B-note tranches that significantly increase the whole
loan loan-to-value ratios.  This, coupled with the aggressive
yields at which the properties were originally valued, and the
limited scheduled amortization, increases the overall refinancing
risk.  While the majority of the loans are scheduled to mature in
2013 and 2014, the Cavendish loan is scheduled to mature in 2011.

The servicer's reporting on all the loans continues to be based on
the original valuations carried out in 2006 and 2007.  The
portfolio has a WA Fitch LTV of 107%, compared to a WA reported
LTV of 68.8%.  This implies a WA market value decline of 36.9%
since closing.

Fitch employed its criteria for European CMBS surveillance to
analyze the quality of the underlying commercial loans.

ROYAL BANK: Santander Leads Bidding Race for 320 Branches
Martin Waller at The Times reports that Santander is leading the
bidding race for 320 branches being sold by Royal Bank of

The report recalls the sale memorandum went out last week, but it
emerged over the weekend that any buyer would have to find an
extra GBP3 billion as well as the mooted price of GBP1 billion.

According to the report, the business, which is being marketed as
the old Williams & Glyn's branch network, is dependent on GBP3
billion of emergency funding from the Bank of England, part of the
rescue package provided to RBS and the rest of the banking sector.
A buyer would have to replace this with fresh funding within
weeks, the report says.

A purchaser would also require about GBP2 billion in capital to
support the GBP24 billion loan book, the report notes.

Other possible bidders include Virgin Money and National Australia
Bank, the report discloses.

The European Commission announced the forced sale last summer as a
consequence of the state aid given to RBS, the report recounts.

The Royal Bank of Scotland Group plc (NYSE:RBS) -- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 22,
2009, Fitch Ratings upgraded The Royal Bank of Scotland Group's
(RBS Group) and The Royal Bank of Scotland's Individual Ratings to
'D/E' from 'E' and removed the Rating Watch Positive.  The upgrade
of the Individual Ratings reflects improvements in the group's
capital combined with some progress in restructuring the balance

ROYAL BANK: Nine Executives Get GBP10MM Deferred Share Bonuses
Sharlene Goff at The Financial Times reports that Royal Bank of
Scotland has awarded GBP10 million in deferred share bonuses to
nine of its most senior executives for their performance last

According to the FT, the highest pay-out -- GBP5.9 million worth
of shares -- will go to John Hourican, chief executive of the
investment banking division.

Ellen Alemany, head of Citizens, the US bank, will receive the
second-highest RBS award of GBP1.4 million worth of shares, the FT

RBS --in which the UK government holds an 84% interest -- said
that seven other executives will receive share bonuses of between
GBP300,000 and GBP530,000 for 2009, the FT notes.

The RBS share awards must be retained for at least five years and
are subject to clawback, the FT states.

The FT relates RBS has said that more than 100 of its staff would
receive a bonus of at least GBP1 million.  RBS is paying GBP1.3
billion in bonuses, the FT discloses.

The Royal Bank of Scotland Group plc (NYSE:RBS) -- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 22,
2009, Fitch Ratings upgraded The Royal Bank of Scotland Group's
(RBS Group) and The Royal Bank of Scotland's Individual Ratings to
'D/E' from 'E' and removed the Rating Watch Positive.  The upgrade
of the Individual Ratings reflects improvements in the group's
capital combined with some progress in restructuring the balance

SEATEK UK: In Administration; MCR Appointed
Jason Godefroy and Andrew Stoneman, Partners at MCR, were
appointed Administrators of Seatek (UK) Ltd., Oriental Delight
Foodservice Ltd., and Vision Seafoods Ltd. on February 23, 2010.
On the same day, Jason Godefroy and Declan Taite (FGS Partnership)
were appointed Joint Receivers of Evergreen Food Services Ltd.

Seatek is a frozen, fresh and ambient fish and seafood wholesaler
within the UK.  With sales offices throughout the UK and Ireland,
Seatek offers a one stop shop for the wholesale and catering
sector, controlling every aspect of the supply process from catch
through to delivery.  The company employs around 65 staff based at
Billingsgate Market in London.  In 2009 it had a turnover of
cGBP36 million.

Oriental Delight Foodservice is a sister company focused on
delivering a wide range of fresh, frozen and ambient foods to the
Ethnic markets.  It employs 14 staff in Redditch in
Worcestershire.  Finally, Vision Seafoods, is one of Europe's
leading importers and wholesalers of speciality seafood, meat and

Evergreen Food Services (including the CX brand) has been
operating in the Irish market since 1994 and specializes in
providing food to Ethnic markets.  The company also had a
significant catering supply operation.

Evergreen Foods operates from a 40,000 square foot depot in Athy,
Co Kildare, and employed 46 staff.

All four companies are part of the international food group,
British Seafood Ltd, which went into Administration last week,
with Deloitte LLP.

Jason Godefroy, Partner at MCR stated: "This is a complex case
involving multiple parties, but we are still trading through the
Administration process as we identify a buyer as the underlying
business is profitable.  It is too early to identify the reason as
to why these companies fell into Administration as it does appear
to be company specific as opposed to adverse market conditions."

VEDANTA RESOURCES: S&P Assigns 'BB' Rating on US$805 Mil. Bonds
Standard & Poor's Ratings Services assigned its 'BB' rating to the
proposed US$805 million convertible bonds due 2017 issued by
Vedanta Resources Jersey II Ltd., a wholly owned subsidiary of
London-based metals and mining company Vedanta Resources PLC
(foreign currency BB/Stable/--).

The bonds are guaranteed by Vedanta Resources PLC and represent a
senior unsecured obligation of the guarantor.  Vedanta intends to
use the net proceeds of the issue to refinance debt and for
general corporate purposes.  The offering consists of an over-
allotment option of US$78 million.  This is an indicative rating,
subject to completion of final documentation.

The 'BB' corporate credit rating on Vedanta reflects S&P's opinion
of the substantial execution risks at some of the company's large
projects under construction, the location of a sizable portion of
the assets in India, Vedanta's aggressive debt-funded growth
strategy, and its exposure to volatile prices for metals traded on
the London Metals Exchange and demand levels.

Partly offsetting these weaknesses is S&P's view of Vedanta's
diversified metal and mining assets, the company's favorable
market position and proximity to the resource-hungry Indian
economy, its cost-competitive operations and increasing reserves
base, the corrective measures implemented in response to the
market downturn, and a financial policy that seeks to maintain
sizable cash balances and robust liquidity.

* UK: Mortgage Brokers Hit by Home-Loan Crisis
Teresa Hunter at Scotland On Sunday reports that mortgage brokers
in the United Kingdom have been badly hit by the home-loan crisis,
which saw annual lending collapse from a peak of GBP364 billion to
GBP144 billion.

Citing the Association of Mortgage Intermediaries, the report says
the number of advisers still working in the business has shrunk by
60%, from 30,000 at the height of the housing bubble to 12,000.

The report notes not only did mortgage finance dry up, lenders
saved the few loans available for customers who came to them
direct.  Brokers were squeezed out, the report states.

"I fear mortgage lending is going to be restricted for a very long
time. Building societies are facing severe pressures bringing in
retail funds and the wholesale markets remain challenged.  In
these circumstances, all but the most gold-plated of borrowers
will face difficulties getting a loan, which is where we come in,"
the report quoted Ian Darby, chief executive of Towergate
Financial, as saying.

The report relates Robert Sinclair, director of AMI, said if
brokers disappear, homebuyers would pay more because the brokers
bring a vital competitive edge to the market.

* Ropes & Gray Adds Weil Gotshal Bankruptcy Partner
Ropes & Gray announced that Tony Horspool has joined the firm in
its Bankruptcy and Business Restructuring practice.  Mr. Horspool
is the latest in a series of strategic appointments since the firm
launched its London office in January.

Mr. Horspool joins Ropes & Gray from Weil, Gotshal & Manges in
London.  Named a leading lawyer by Chambers UK: A Client's Guide
to the UK Legal Profession, he represents clients across the
financial services sector, including hedge funds, special
situations groups, banks, monolines, accounting firms and

The U.K. team is headed by leading finance and restructuring
lawyers Maurice Allen and Michael Goetz and was bolstered with the
addition of U.S. securities partner Jonathan Bloom.  By adding a
top flight lawyer with deep experience advising companies and
their creditors in distressed situations, Ropes & Gray is
demonstrating its strong commitment to establishing a premier
service center for its clients in the vital London market.

"Tony's outstanding technical insolvency skills added to our
existing capabilities ensures that we can effectively represent
all the key constituencies in restructurings and insolvencies:
borrowers and sponsor clients, senior lenders, and subordinated
lenders," Mr. Allen says.

Mr. Horspool has been involved in many of the largest and most
complex restructurings of European companies, including
Eurotunnel, Parmalat and Telewest.  He also has been involved with
a number of structured investment vehicles, and has been advising
Lehman Brothers Holding Inc. in relation to cross-border aspects
of its Chapter 11 filing and TI Automotive on its proposed scheme
of arrangement.


* Large Companies with Insolvent Balance Sheet

                                      Shareholders   Total
                                      Equity         Assets
  Company             Ticker          (US$)          (US$)
  -------             ------          ------         ------

LIBRO AG            LIBR AV          -109013328  171684389.1
LIBRO AG            LB6 GR           -109013328  171684389.1
LIBRO AG            LBROF US         -109013328  171684389.1
LIBRO AG            LIB AV           -109013328  171684389.1
SKYEUROPE           SKY PW         -89480486.93  159076577.5
SKYEUROPE           SKYP PW        -89480486.93  159076577.5
SKYEUROPE HLDG      SKY LI         -89480486.93  159076577.5
SKYEUROPE HLDG      SKY AV         -89480486.93  159076577.5
SKYEUROPE HLDG      SKYPLN EU      -89480486.93  159076577.5
SKYEUROPE HLDG      SKURF US       -89480486.93  159076577.5
SKYEUROPE HLDG      SKY EO         -89480486.93  159076577.5
SKYEUROPE HLDG      SKY EU         -89480486.93  159076577.5
SKYEUROPE HLDG      SKYA PZ        -89480486.93  159076577.5
SKYEUROPE HLDG      SKYV IX        -89480486.93  159076577.5
SKYEUROPE HLDG      SKYPLN EO      -89480486.93  159076577.5
SKYEUROPE HLDG      S8E GR         -89480486.93  159076577.5
SKYEUROPE HOL-RT    SK1 AV         -89480486.93  159076577.5

SABENA SA           SABA BB        -84766501.61   2196477161

OT-OPTIMA TELEKO    OPTERA CZ         -48565065  119632635.5
OT OPTIMA TELEKO    2299892Z CZ       -48565065  119632635.5

LIBRA HOLIDA-RTS    LBR CY          -27821889.5    240947718
LIBRA HOLIDA-RTS    LGWR CY         -27821889.5    240947718
LIBRA HOLIDAY-RT    3167808Z CY     -27821889.5    240947718
LIBRA HOLIDAYS      LHGCYP EU       -27821889.5    240947718
LIBRA HOLIDAYS      LHGR CY         -27821889.5    240947718
LIBRA HOLIDAYS      LHGCYP EO       -27821889.5    240947718
LIBRA HOLIDAYS G    LHG EO          -27821889.5    240947718
LIBRA HOLIDAYS G    LHG PZ          -27821889.5    240947718
LIBRA HOLIDAYS G    LHG CY          -27821889.5    240947718
LIBRA HOLIDAYS G    LHG EU          -27821889.5    240947718
LIBRA HOLIDAYS-P    LBHG CY         -27821889.5    240947718
LIBRA HOLIDAYS-P    LBHG PZ         -27821889.5    240947718

CKD PRAHA HLDG      CDP EX         -89435858.16    192305153
CKD PRAHA HLDG      CKDH CP        -89435858.16    192305153
CKD PRAHA HLDG      297687Q GR     -89435858.16    192305153
CKD PRAHA HLDG      CKDPF US       -89435858.16    192305153
CKD PRAHA HLDG      CKDH US        -89435858.16    192305153
SETUZA AS           2994767Q EO    -61453764.17  138582273.6
SETUZA AS           SETU IX        -61453764.17  138582273.6
SETUZA AS           SZA GR         -61453764.17  138582273.6
SETUZA AS           2994759Q EO    -61453764.17  138582273.6
SETUZA AS           SETUZA PZ      -61453764.17  138582273.6
SETUZA AS           2994763Q EU    -61453764.17  138582273.6
SETUZA AS           2994755Q EU    -61453764.17  138582273.6
SETUZA AS           SETUZA CP      -61453764.17  138582273.6
SETUZA AS           SZA EX         -61453764.17  138582273.6

ELITE SHIPPING      ELSP DC        -27715991.74  100892900.3
ROSKILDE BANK       ROSK DC        -532868894.9   7876687324
ROSKILDE BANK       ROSK EU        -532868894.9   7876687324
ROSKILDE BANK       ROSBF US       -532868894.9   7876687324
ROSKILDE BANK       RKI GR         -532868894.9   7876687324
ROSKILDE BANK       RSKC IX        -532868894.9   7876687324
ROSKILDE BANK       ROSK EO        -532868894.9   7876687324
ROSKILDE BANK       ROSK PZ        -532868894.9   7876687324
ROSKILDE BANK       ROSKF US       -532868894.9   7876687324
ROSKILDE BANK-RT    916603Q DC     -532868894.9   7876687324
ROSKILDE BAN-NEW    ROSKN DC       -532868894.9   7876687324
ROSKILDE BAN-RTS    ROSKT DC       -532868894.9   7876687324

CARRERE GROUP       CRRHF US       -9829592.638    279906700
CARRERE GROUP       XRR GR         -9829592.638    279906700
CARRERE GROUP       CAR2 EO        -9829592.638    279906700
CARRERE GROUP       CARF PZ        -9829592.638    279906700
CARRERE GROUP       CAR2 EU        -9829592.638    279906700
CARRERE GROUP       CAR FP         -9829592.638    279906700
CARRERE GROUP       CARG FP        -9829592.638    279906700
CARRERE GROUP       CRGP IX        -9829592.638    279906700
CHAINE ET TRAME     CTRM FP         -46169771.5  134467847.6
CHAINE ET TRAME     CHTR FP         -46169771.5  134467847.6
GRANDE PAROISSE     GAPA FP        -927267926.9    629287290
GRANDE PAROISSE     GDPA FP        -927267926.9    629287290
GRANDE PAROISSE     GDPXF US       -927267926.9    629287290
IMMOB HOTEL BALN    IMHB FP        -66874823.95  301323804.9
IMMOB HOTELIERE     IMBHF US       -66874823.95  301323804.9
IMMOB HOTELIERE     IMHO EO        -66874823.95  301323804.9
IMMOB HOTELIERE     IMHO PZ        -66874823.95  301323804.9
IMMOB HOTELIERE     IMMH IX        -66874823.95  301323804.9
IMMOB HOTELIERE     IMHO FP        -66874823.95  301323804.9
IMMOB HOTELIERE     IMHO EU        -66874823.95  301323804.9
IMMOB HOTELIERE     IMH GR         -66874823.95  301323804.9
IMMOB HOTELIERE     SIH FP         -66874823.95  301323804.9
LAB DOLISOS         LADL FP        -27752176.19  110485462.4
LAB DOLISOS         DOLI FP        -27752176.19  110485462.4
MATUSSIERE & FOR    MTUSF US       -77896683.67  293868350.8
MATUSSIERE & FOR    1007765Q FP    -77896683.67  293868350.8
MB RETAIL EUROPE    MBRE EU         -46169771.5  134467847.6
MB RETAIL EUROPE    CTRF IX         -46169771.5  134467847.6
MB RETAIL EUROPE    MBRE FP         -46169771.5  134467847.6
MB RETAIL EUROPE    MBRE PZ         -46169771.5  134467847.6
MB RETAIL EUROPE    MBRE EO         -46169771.5  134467847.6
NORTENE             NRTP IX        -35623999.56  117566786.9
NORTENE             NORT FP        -35623999.56  117566786.9
NORTENE             NRTN FP        -35623999.56  117566786.9
OROSDI              OROS FP         -7291.55004  131233317.6
OROSDI-BACK         BACK IX         -7291.55004  131233317.6
OROSDI-BACK         ORBA FP         -7291.55004  131233317.6
OROSDI-BACK         OROS EU         -7291.55004  131233317.6
OROSDI-BACK         OROS EO         -7291.55004  131233317.6
OROSDI-BACK         OROS PZ         -7291.55004  131233317.6
OUTSIDE LIVING I    OLIN FP        -35623999.56  117566786.9
OUTSIDE LIVING I    NORT EU        -35623999.56  117566786.9
OUTSIDE LIVING I    NORT EO        -35623999.56  117566786.9
OUTSIDE LIVING I    OLIN PZ        -35623999.56  117566786.9
OUTSIDE LIVING I    NORT PZ        -35623999.56  117566786.9
PAGESJAUNES         PGJUF US        -3303869370  970555919.3
PAGESJAUNES GRP     PAJ QM          -3303869370  970555919.3
PAGESJAUNES GRP     QS3 GR          -3303869370  970555919.3
PAGESJAUNES GRP     PAJGBP EO       -3303869370  970555919.3
PAGESJAUNES GRP     PAJ PZ          -3303869370  970555919.3
PAGESJAUNES GRP     PAJ IX          -3303869370  970555919.3
PAGESJAUNES GRP     PAJ FP          -3303869370  970555919.3
PAGESJAUNES GRP     PAJUSD EU       -3303869370  970555919.3
PAGESJAUNES GRP     PAJ VX          -3303869370  970555919.3
PAGESJAUNES GRP     PAJ EU          -3303869370  970555919.3
PAGESJAUNES GRP     PAJGBX EO       -3303869370  970555919.3
PAGESJAUNES GRP     PAJ BQ          -3303869370  970555919.3
PAGESJAUNES GRP     PAJ EO          -3303869370  970555919.3
PAGESJAUNES GRP     PAJGBX EU       -3303869370  970555919.3
PAGESJAUNES GRP     PAJP IX         -3303869370  970555919.3
PAGESJAUNES GRP     PAJUSD EO       -3303869370  970555919.3
PAGESJAUNES GRP     PAJ EB          -3303869370  970555919.3
PAGESJAUNES GRP     PAJ TQ          -3303869370  970555919.3
PAGESJAUNES GRP     PAJ NQ          -3303869370  970555919.3
PAGESJAUNES GRP     PAJ LI          -3303869370  970555919.3
RHODIA SA           RHANR FP       -913748142.2   6150227880
RHODIA SA           RHA NQ         -913748142.2   6150227880
RHODIA SA           RHA EU         -913748142.2   6150227880
RHODIA SA           RHAGBX EU      -913748142.2   6150227880
RHODIA SA           RHAGBX EO      -913748142.2   6150227880
RHODIA SA           2324011Q EU    -913748142.2   6150227880
RHODIA SA           RHANR PZ       -913748142.2   6150227880
RHODIA SA           RHA FP         -913748142.2   6150227880
RHODIA SA           RHA EB         -913748142.2   6150227880
RHODIA SA           RHD GR         -913748142.2   6150227880
RHODIA SA           RHAUSD EO      -913748142.2   6150227880
RHODIA SA           RHA QM         -913748142.2   6150227880
RHODIA SA           RHA VX         -913748142.2   6150227880
RHODIA SA           RHA TQ         -913748142.2   6150227880
RHODIA SA           RHADF US       -913748142.2   6150227880
RHODIA SA           RHA EO         -913748142.2   6150227880
RHODIA SA           RHAGBP EO      -913748142.2   6150227880
RHODIA SA           RHAY IX        -913748142.2   6150227880
RHODIA SA           RHA IX         -913748142.2   6150227880
RHODIA SA           RHAUSD EU      -913748142.2   6150227880
RHODIA SA           RHDAF US       -913748142.2   6150227880
RHODIA SA           RHDI GR        -913748142.2   6150227880
RHODIA SA           2324015Q EO    -913748142.2   6150227880
RHODIA SA           RHA PZ         -913748142.2   6150227880
RHODIA SA           RHA BQ         -913748142.2   6150227880
RHODIA SA           3218857Q IX    -913748142.2   6150227880
RHODIA SA - NEW     RHANV FP       -913748142.2   6150227880
RHODIA SA - NEW     3506266Q FP    -913748142.2   6150227880
RHODIA SA - NEW     3156011Q FP    -913748142.2   6150227880
RHODIA SA - NEW     2335921Q FP    -913748142.2   6150227880
RHODIA SA-ADR       RHAYY US       -913748142.2   6150227880
RHODIA SA-RIGHTS    653447Q FP     -913748142.2   6150227880
RHODIA SA-RIGHTS    RHADS FP       -913748142.2   6150227880
SDR CENTREST        117241Q FP     -132420119.6  252176017.2
SELCODIS            SLCO EO        -21481214.33  175720770.8
SELCODIS            SLCO FP        -21481214.33  175720770.8
Selcodis            SPVX FP        -21481214.33  175720770.8
SELCODIS            SPVX IX        -21481214.33  175720770.8
SELCODIS            SLCO EU        -21481214.33  175720770.8
SELCODIS            SLCO PZ        -21481214.33  175720770.8
TECHNICOLOR         TMMLF US       -587281616.7   6690514315
TECHNICOLOR         TMSGBX EU      -587281616.7   6690514315
TECHNICOLOR         TMSUSD EU      -587281616.7   6690514315
TECHNICOLOR         TMM IX         -587281616.7   6690514315
TECHNICOLOR         TMS GK         -587281616.7   6690514315
TECHNICOLOR         TMS EB         -587281616.7   6690514315
TECHNICOLOR         TCH TQ         -587281616.7   6690514315
TECHNICOLOR         TMS NQ         -587281616.7   6690514315
TECHNICOLOR         TMS BQ         -587281616.7   6690514315
TECHNICOLOR         TCH FP         -587281616.7   6690514315
TECHNICOLOR         TMS PZ         -587281616.7   6690514315
TECHNICOLOR         TMS EU         -587281616.7   6690514315
TECHNICOLOR         TNM GR         -587281616.7   6690514315
TECHNICOLOR         TCH QM         -587281616.7   6690514315
TECHNICOLOR         TMSGBP EO      -587281616.7   6690514315
TECHNICOLOR         TMSUSD EO      -587281616.7   6690514315
TECHNICOLOR         TCH NQ         -587281616.7   6690514315
TECHNICOLOR         TMSGBX EO      -587281616.7   6690514315
TECHNICOLOR         TMS EO         -587281616.7   6690514315
TECHNICOLOR-ADR     TCH US         -587281616.7   6690514315
THOMSON - NEW       2336061Q FP    -587281616.7   6690514315
THOMSON - NEW       TMSNV FP       -587281616.7   6690514315
THOMSON (EX-TMM)    TMM ES         -587281616.7   6690514315
THOMSON (EX-TMM)    TMS VX         -587281616.7   6690514315
THOMSON (EX-TMM)    TMMN FP        -587281616.7   6690514315
THOMSON (EX-TMM)    TMS QM         -587281616.7   6690514315
THOMSON (EX-TMM)    TNMA GR        -587281616.7   6690514315
THOMSON (EX-TMM)    TMS FP         -587281616.7   6690514315
THOMSON (EX-TMM)    TMM LN         -587281616.7   6690514315
THOMSON (EX-TMM)    TMS TQ         -587281616.7   6690514315
THOMSON (EX-TMM)    TMS US         -587281616.7   6690514315
THOMSON (EX-TMM)    TMM VX         -587281616.7   6690514315
THOMSON MULT-ADR    TMS-P US       -587281616.7   6690514315
THOMSON MULTIMED    TMM FP         -587281616.7   6690514315
THOMSON MULTI-NE    ZTM FP         -587281616.7   6690514315
TROUVAY CAUVIN      TVYCF US       -396977.9956  133986439.7
TROUVAY CAUVIN      ETEC FP        -396977.9956  133986439.7

DEVELICA DEUTSCH    DDE LN         -107879893.8   1235370057
DEVELICA DEUTSCH    DDE PG         -107879893.8   1235370057
DEVELICA DEUTSCH    DDE PZ         -107879893.8   1235370057
DEVELICA DEUTSCH    D4B GR         -107879893.8   1235370057
DEVELICA DEUTSCH    DDE IX         -107879893.8   1235370057
O TWELVE ESTATES    OTEEUR EO      -7152968.898  297722697.4
O TWELVE ESTATES    OTE PG         -7152968.898  297722697.4
O TWELVE ESTATES    OTE LN         -7152968.898  297722697.4
O TWELVE ESTATES    OTE PZ         -7152968.898  297722697.4
O TWELVE ESTATES    O2T GR         -7152968.898  297722697.4
O TWELVE ESTATES    OTE IX         -7152968.898  297722697.4
O TWELVE ESTATES    OTE EO         -7152968.898  297722697.4
O TWELVE ESTATES    OTE EU         -7152968.898  297722697.4

AGOR AG             DOO EU         -482446.6262  144432986.2
AGOR AG             DOO GR         -482446.6262  144432986.2
AGOR AG             NDAGF US       -482446.6262  144432986.2
AGOR AG             DOOG IX        -482446.6262  144432986.2
AGOR AG             DOO EO         -482446.6262  144432986.2
AGOR AG             DOOD PZ        -482446.6262  144432986.2
AGOR AG-RTS         2301918Z GR    -482446.6262  144432986.2
ALNO AG             ANO GR         -68516656.94  290459933.8
ALNO AG             ANO EU         -68516656.94  290459933.8
ALNO AG             ANO PZ         -68516656.94  290459933.8
ALNO AG             ALNO IX        -68516656.94  290459933.8
ALNO AG             ANO EO         -68516656.94  290459933.8
ALNO AG-NEW         ANO1 GR        -68516656.94  290459933.8
ALNO AG-RTS         2259765Z GR    -68516656.94  290459933.8
BROKAT AG           BROAF US       -27139391.98  143536859.7
BROKAT AG           BKISF US       -27139391.98  143536859.7
BROKAT AG           BROFQ US       -27139391.98  143536859.7
BROKAT AG           BRKAF US       -27139391.98  143536859.7
BROKAT AG -NEW      BRJ1 GR        -27139391.98  143536859.7
BROKAT AG -NEW      BRJ1 NM        -27139391.98  143536859.7
BROKAT AG-ADR       BROA US        -27139391.98  143536859.7
BROKAT TECH -ADR    BROAQ US       -27139391.98  143536859.7
BROKAT TECH AG      BSA LN         -27139391.98  143536859.7
BROKAT TECH AG      BRJ GR         -27139391.98  143536859.7
BROKAT TECH AG      BRJ NM         -27139391.98  143536859.7
BROKAT TECH-ADR     BRJA GR        -27139391.98  143536859.7
CBB HOLDING AG      CUBDF US       -42994732.85  904723627.8
CBB HOLDING AG      COB2 EO        -42994732.85  904723627.8
CBB HOLDING AG      COBG IX        -42994732.85  904723627.8
CBB HOLDING AG      COBG PZ        -42994732.85  904723627.8
CBB HOLDING AG      COB GR         -42994732.85  904723627.8
CBB HOLDING AG      COB2 EU        -42994732.85  904723627.8
CBB HOLDING-NEW     COB3 GR        -42994732.85  904723627.8
CBB HOLDING-NEW     COB1 GR        -42994732.85  904723627.8
CBB HOLD-NEW 97     COB2 GR        -42994732.85  904723627.8
CINEMAXX AG         MXCUSD EU      -42008900.33  144431938.3
CINEMAXX AG         MXC EU         -42008900.33  144431938.3
CINEMAXX AG         MXC EO         -42008900.33  144431938.3
CINEMAXX AG         MXC GR         -42008900.33  144431938.3
CINEMAXX AG         MXCUSD EO      -42008900.33  144431938.3
CINEMAXX AG         MXC PZ         -42008900.33  144431938.3
CINEMAXX AG         MXCG IX        -42008900.33  144431938.3
CINEMAXX AG         CNEMF US       -42008900.33  144431938.3
CINEMAXX AG-RTS     MXC8 GR        -42008900.33  144431938.3
DORT ACTIEN-BRAU    944167Q GR     -12689156.29  117537053.7
DORT ACTIEN-RTS     DAB8 GR        -12689156.29  117537053.7
EDOB ABWICKLUNGS    ESC BQ         -22323463.23  425598807.8
EDOB ABWICKLUNGS    ESC GR         -22323463.23  425598807.8
EDOB ABWICKLUNGS    ESC EO         -22323463.23  425598807.8
EDOB ABWICKLUNGS    ESC EU         -22323463.23  425598807.8
EDOB ABWICKLUNGS    ESC PZ         -22323463.23  425598807.8
EDOB ABWICKLUNGS    ESC TQ         -22323463.23  425598807.8
EDOB ABWICKLUNGS    ESCDF US       -22323463.23  425598807.8
EM.TV & MERCHAND    ETV VX         -22067409.41  849175624.7
EM.TV & MERCHAND    985403Q GR     -22067409.41  849175624.7
EM.TV & MERCHAND    ETV LN         -22067409.41  849175624.7
EM.TV & MERCHAND    ETV NM         -22067409.41  849175624.7
EM.TV & MERCHAND    EMTVF US       -22067409.41  849175624.7
EM.TV & MERCHAND    ETVMF US       -22067409.41  849175624.7
EM.TV & MERC-NEW    ETV1 NM        -22067409.41  849175624.7
EM.TV & MERC-NEW    ETV1 GR        -22067409.41  849175624.7
EM.TV & MERC-RTS    ETV8 NM        -22067409.41  849175624.7
EM.TV & MERC-RTS    ETV8 GR        -22067409.41  849175624.7
ESCADA AG           ESCG IX        -22323463.23  425598807.8
ESCADA AG -PFD      ESC3 GR        -22323463.23  425598807.8
ESCADA AG-NEW       ESCD GR        -22323463.23  425598807.8
ESCADA AG-NEW       ESCN GR        -22323463.23  425598807.8
ESCADA AG-NEW       ESCN EU        -22323463.23  425598807.8
ESCADA AG-NEW       ESCC GR        -22323463.23  425598807.8
ESCADA AG-NEW       3069367Q GR    -22323463.23  425598807.8
ESCADA AG-NEW       835345Q GR     -22323463.23  425598807.8
ESCADA AG-NEW       ESCN EO        -22323463.23  425598807.8
ESCADA AG-RTS       ESCE GR        -22323463.23  425598807.8
ESCADA AG-SP ADR    ESCDY US       -22323463.23  425598807.8
KAUFRING AG         KFR EO         -19296489.56  150995473.8
KAUFRING AG         KFR EU         -19296489.56  150995473.8
KAUFRING AG         KFR PZ         -19296489.56  150995473.8
KAUFRING AG         KFR GR         -19296489.56  150995473.8
KAUFRING AG         KAUG IX        -19296489.56  150995473.8
MANIA TECHNOLOGI    MNI NM          -35060806.5  107465713.6
MANIA TECHNOLOGI    MNI GR          -35060806.5  107465713.6
MANIA TECHNOLOGI    MNI1 EU         -35060806.5  107465713.6
MANIA TECHNOLOGI    2260970Z GR     -35060806.5  107465713.6
MANIA TECHNOLOGI    MNI PZ          -35060806.5  107465713.6
MANIA TECHNOLOGI    MNIG IX         -35060806.5  107465713.6
MANIA TECHNOLOGI    MIAVF US        -35060806.5  107465713.6
MANIA TECHNOLOGI    MNI1 EO         -35060806.5  107465713.6
MATERNUS KLINI-N    MAK1 GR        -17804909.71  189933668.6
MATERNUS-KLINIKE    MNUKF US       -17804909.71  189933668.6
MATERNUS-KLINIKE    MAK EO         -17804909.71  189933668.6
MATERNUS-KLINIKE    MAK GR         -17804909.71  189933668.6
MATERNUS-KLINIKE    MAK EU         -17804909.71  189933668.6
MATERNUS-KLINIKE    MAKG IX        -17804909.71  189933668.6
MATERNUS-KLINIKE    MAK PZ         -17804909.71  189933668.6
NORDAG AG           DOO1 GR        -482446.6262  144432986.2
NORDAG AG-PFD       DOO3 GR        -482446.6262  144432986.2
NORDAG AG-RTS       DOO8 GR        -482446.6262  144432986.2
NORDSEE AG          533061Q GR     -8200552.046  194616922.6
PRIMACOM AG         PRC EU         -18656728.68  610380925.7
PRIMACOM AG         PRC EO         -18656728.68  610380925.7
PRIMACOM AG         PRC NM         -18656728.68  610380925.7
PRIMACOM AG         PRC GR         -18656728.68  610380925.7
PRIMACOM AG         PCAGF US       -18656728.68  610380925.7
PRIMACOM AG         PRC2 GR        -18656728.68  610380925.7
PRIMACOM AG         PRCG IX        -18656728.68  610380925.7
PRIMACOM AG         PRCG PZ        -18656728.68  610380925.7
PRIMACOM AG-ADR     PCAGY US       -18656728.68  610380925.7
PRIMACOM AG-ADR     PCAG US        -18656728.68  610380925.7
PRIMACOM AG-ADR+    PCAG ES        -18656728.68  610380925.7
RAG ABWICKL-REG     ROS1 EO        -1744121.914  217776125.8
RAG ABWICKL-REG     RSTHF US       -1744121.914  217776125.8
RAG ABWICKL-REG     ROS GR         -1744121.914  217776125.8
RAG ABWICKL-REG     ROS1 EU        -1744121.914  217776125.8
RAG ABWICKL-REG     ROSG PZ        -1744121.914  217776125.8
RINOL AG            RNLAF US            -2.7111  168095049.1
RINOL AG            RILB GR             -2.7111  168095049.1
RINOL AG            RILB IX             -2.7111  168095049.1
RINOL AG            RILB PZ             -2.7111  168095049.1
RINOL AG            RIL GR              -2.7111  168095049.1
RINOL AG            RILB EO             -2.7111  168095049.1
RINOL AG            RILB EU             -2.7111  168095049.1
ROSENTHAL AG        2644179Q GR    -1744121.914  217776125.8
ROSENTHAL AG-ACC    ROS4 GR        -1744121.914  217776125.8
ROSENTHAL AG-ADR    RSTHY US       -1744121.914  217776125.8
ROSENTHAL AG-REG    ROSG IX        -1744121.914  217776125.8
SANDER (JIL) AG     JLSDF US       -6153256.917  127548039.7
SANDER (JIL) AG     SAD GR         -6153256.917  127548039.7
SANDER (JIL)-PRF    2916161Q EO    -6153256.917  127548039.7
SANDER (JIL)-PRF    2916157Q EU    -6153256.917  127548039.7
SANDER (JIL)-PRF    SAD3 GR        -6153256.917  127548039.7
SANDER (JIL)-PRF    SAD3 PZ        -6153256.917  127548039.7
SINNLEFFERS AG      WHG GR         -4491629.961  453887060.1
SPAR HANDELS-AG     773844Q GR     -442426199.5   1433020961
SPAR HANDELS-AG     SPHFF US       -442426199.5   1433020961
SPAR HAND-PFD NV    SPA3 GR        -442426199.5   1433020961
TA TRIUMPH-ACQ      TWNA GR        -120075877.7    410015192
TA TRIUMPH-ACQ      TWNA EU        -120075877.7    410015192
TA TRIUMPH-ADLER    TWN EO         -120075877.7    410015192
TA TRIUMPH-ADLER    TWN GR         -120075877.7    410015192
TA TRIUMPH-ADLER    TWNG IX        -120075877.7    410015192
TA TRIUMPH-ADLER    TWN PZ         -120075877.7    410015192
TA TRIUMPH-ADLER    TTZAF US       -120075877.7    410015192
TA TRIUMPH-ADLER    TWN EU         -120075877.7    410015192
TA TRIUMPH-A-RTS    1018916Z GR    -120075877.7    410015192
TA TRIUMPH-NEW      TWN1 GR        -120075877.7    410015192
TA TRIUMPH-RT       TWN8 GR        -120075877.7    410015192
TA TRIUMPH-RTS      3158577Q GR    -120075877.7    410015192
VIVANCO GRUPPE      VIVGF US       -22198683.12  111990951.4
VIVANCO GRUPPE      VVA1 GR        -22198683.12  111990951.4
VIVANCO GRUPPE      VVA1 EU        -22198683.12  111990951.4
VIVANCO GRUPPE      VVAG IX        -22198683.12  111990951.4
VIVANCO GRUPPE      VVA GR         -22198683.12  111990951.4
VIVANCO GRUPPE      VVA1 PZ        -22198683.12  111990951.4
VIVANCO GRUPPE      VVA1 EO        -22198683.12  111990951.4

AG PETZETAKIS SA    PTZ GR         -36788613.11  258762040.3
AG PETZETAKIS SA    PZETF US       -36788613.11  258762040.3
AG PETZETAKIS SA    PETZK PZ       -36788613.11  258762040.3
AG PETZETAKIS SA    PTZ1 GR        -36788613.11  258762040.3
AG PETZETAKIS SA    PETZK EU       -36788613.11  258762040.3
AG PETZETAKIS SA    PETZK GA       -36788613.11  258762040.3
AG PETZETAKIS SA    PETZK EO       -36788613.11  258762040.3
ALMA-ATERM-AUCT     ATERME GA      -4110971.317  105276552.2
ALMA-ATERMON SA     ATERM PZ       -4110971.317  105276552.2
ALMA-ATERMON SA     ATERM EO       -4110971.317  105276552.2
ALMA-ATERMON SA     ATERM EU       -4110971.317  105276552.2
ALTEC SA -AUCT      ALTECE GA        -118834340  160209968.7
ALTEC SA INFO       ALTEC PZ         -118834340  160209968.7
ALTEC SA INFO       ALTEC EU         -118834340  160209968.7
ALTEC SA INFO       ALTEC GA         -118834340  160209968.7
ALTEC SA INFO       ATCQF US         -118834340  160209968.7
ALTEC SA INFO       ALTEC EO         -118834340  160209968.7
ALTEC SA INFO       AXY GR           -118834340  160209968.7
ALTEC SA INFO-RT    ALTECR GA        -118834340  160209968.7
ALTEC SA INFO-RT    ALTED GA         -118834340  160209968.7
ARIES MARITIME T    RAMS US           -57875000    197992000
ASPIS PRONIA GE     ASASK EO       -189908329.1  896537349.7
ASPIS PRONIA GE     AISQF US       -189908329.1  896537349.7
ASPIS PRONIA GE     ASASK EU       -189908329.1  896537349.7
ASPIS PRONIA GE     ASASK PZ       -189908329.1  896537349.7
ASPIS PRONIA GE     ASASK GA       -189908329.1  896537349.7
ASPIS PRONIA -PF    ASAPR GA       -189908329.1  896537349.7
ASPIS PRONIA-PF     APGV GR        -189908329.1  896537349.7
ASPIS PRONIA-PF     ASASP GA       -189908329.1  896537349.7
ASPIS PRONIA-RT     ASASKR GA      -189908329.1  896537349.7
ASPIS PRONOIA GE    APG GR         -189908329.1  896537349.7
ASPIS PRONOIA GE    APGG IX        -189908329.1  896537349.7
ASPIS PRON-PF RT    ASASPR GA      -189908329.1  896537349.7
ATERMON DYNAMIC     ATERM GA       -4110971.317  105276552.2
EMPEDOS SA          EMPED GA       -33637669.62  174742646.9
EMPEDOS SA-RTS      EMPEDR GA      -33637669.62  174742646.9
KOUMBAS INSUR-RT    KOUMD GA       -38449174.63  221302771.2
KOUMBAS RTS         KOUMR GA       -38449174.63  221302771.2
KOUMBAS SYNERGY     KOUM PZ        -38449174.63  221302771.2
KOUMBAS SYNERGY     KOUM GA        -38449174.63  221302771.2
KOUMBAS SYNERGY     KOUM EO        -38449174.63  221302771.2
KOUMBAS SYNERGY     KOUM EU        -38449174.63  221302771.2
KOUMBAS SYNERGY     KOUMF US       -38449174.63  221302771.2
NAOUSSA SPIN -RT    NAOYD GA         -130380438  326934399.4
NAOUSSA SPIN-AUC    NAOYKE GA        -130380438  326934399.4
NAOUSSA SPINNING    NML1 GR          -130380438  326934399.4
NAOUSSA SPINNING    NML GR           -130380438  326934399.4
NAOUSSA SPIN-RTS    NAOYKR GA        -130380438  326934399.4
NEWLEAD HOLDINGS    A1M GR            -57875000    197992000
NEWLEAD HOLDINGS    NEWL US           -57875000    197992000
PETZET - PFD-RTS    PETZPD GA      -36788613.11  258762040.3
PETZETAKIS - RTS    PETZKD GA      -36788613.11  258762040.3
PETZETAKIS-AUC      PETZKE GA      -36788613.11  258762040.3
PETZETAKIS-PFD      PETZP GA       -36788613.11  258762040.3
PETZETAKIS-PFD      PTZ3 GR        -36788613.11  258762040.3
RADIO KORASSIDIS    RKC GR         -100972173.9  180679253.6
RADIO KORASSIDIS    RAKOF US       -100972173.9  180679253.6
RADIO KORASSIDIS    KORA GA        -100972173.9  180679253.6
RADIO KORASSI-RT    KORAD GA       -100972173.9  180679253.6
RADIO KORASS-RTS    KORAR GA       -100972173.9  180679253.6
THEMELIODOMI        THEME GA       -55751178.85  232036822.6
THEMELIODOMI-AUC    THEMEE GA      -55751178.85  232036822.6
THEMELIODOMI-RTS    THEMED GA      -55751178.85  232036822.6
THEMELIODOMI-RTS    THEMER GA      -55751178.85  232036822.6
UNITED TEXTILES     NAOYK GA         -130380438  326934399.4
UNITED TEXTILES     UTEX PZ          -130380438  326934399.4
UNITED TEXTILES     UTEX GA          -130380438  326934399.4
UNITED TEXTILES     NAOSF US         -130380438  326934399.4
UNITED TEXTILES     UTEX EO          -130380438  326934399.4
UNITED TEXTILES     UTEX EU          -130380438  326934399.4

HUNGARIAN TELEPH    HUC EX            -75973000    835658048
HUNGARIAN TELEPH    HUGC IX           -75973000    835658048
HUNGARIAN TELEPH    HUC GR            -75973000    835658048
INVITEL HOLD-ADR    IHO US            -75973000    835658048
INVITEL HOLD-ADR    INVHY US          -75973000    835658048
INVITEL HOLD-ADR    0IN GR            -75973000    835658048
INVITEL HOLDINGS    3212873Z HB       -75973000    835658048

AVION GROUP         B1Q GR           -223771648   2277793536
EIMSKIPAFELAG HF    HFEIM EO         -223771648   2277793536
EIMSKIPAFELAG HF    AVION IR         -223771648   2277793536
EIMSKIPAFELAG HF    HFEIMEUR EO      -223771648   2277793536
EIMSKIPAFELAG HF    HFEIMEUR EU      -223771648   2277793536
EIMSKIPAFELAG HF    HFEIM EU         -223771648   2277793536
EIMSKIPAFELAG HF    HFEIM PZ         -223771648   2277793536
EIMSKIPAFELAG HF    HFEIM IR         -223771648   2277793536

BOUNDARY CAPITAL    BCM GR         -10192301.85  119787800.5
BOUNDARY CAPITAL    BCP IX         -10192301.85  119787800.5
BOUNDARY CAPITAL    BCP ID         -10192301.85  119787800.5
BOUNDARY CAPITAL    BCP1 PZ        -10192301.85  119787800.5
BOUNDARY CAPITAL    BCP1 PG        -10192301.85  119787800.5
BOUNDARY CAPITAL    BCP1 EU        -10192301.85  119787800.5
BOUNDARY CAPITAL    BCP LN         -10192301.85  119787800.5
BOUNDARY CAPITAL    BCP1 EO        -10192301.85  119787800.5
BOUNDARY CAPITAL    BCPI IX        -10192301.85  119787800.5
ELAN CORP PLC       ECN VX           -370500000   1669500032
ELAN CORP PLC       ELN NQ           -370500000   1669500032
ELAN CORP PLC       ELNUSD EO        -370500000   1669500032
ELAN CORP PLC       ELNGBP EO        -370500000   1669500032
ELAN CORP PLC       ELN ID           -370500000   1669500032
ELAN CORP PLC       DRX GR           -370500000   1669500032
ELAN CORP PLC       ELNUSD EU        -370500000   1669500032
ELAN CORP PLC       ELN NR           -370500000   1669500032
ELAN CORP PLC       ELNGBX EO        -370500000   1669500032
ELAN CORP PLC       ELN EO           -370500000   1669500032
ELAN CORP PLC       DRX1 PZ          -370500000   1669500032
ELAN CORP PLC       DRXG IX          -370500000   1669500032
ELAN CORP PLC       ELNCF US         -370500000   1669500032
ELAN CORP PLC       ELN TQ           -370500000   1669500032
ELAN CORP PLC       ELN IX           -370500000   1669500032
ELAN CORP PLC       ELA IX           -370500000   1669500032
ELAN CORP PLC       ELN LN           -370500000   1669500032
ELAN CORP PLC       ELN EU           -370500000   1669500032
ELAN CORP PLC       ELA LN           -370500000   1669500032
ELAN CORP PLC       ELN EB           -370500000   1669500032
ELAN CORP PLC       ELA PO           -370500000   1669500032
ELAN CORP-ADR       ELN US           -370500000   1669500032
ELAN CORP-ADR       EANG IX          -370500000   1669500032
ELAN CORP-ADR       EAN GR           -370500000   1669500032
ELAN CORP-ADR       ELAD LN          -370500000   1669500032
ELAN CORP-ADR       QUNELN AU        -370500000   1669500032
ELAN CORP-ADR UT    ELN/E US         -370500000   1669500032
ELAN CORP-CVR       LCVRZ US         -370500000   1669500032
ELAN CORP-CVR       ELNZV US         -370500000   1669500032
MCINERNEY HLDGS     MCI PO         -113397336.3  441922391.7
MCINERNEY HLDGS     MCI EU         -113397336.3  441922391.7
MCINERNEY HLDGS     MCI LN         -113397336.3  441922391.7
MCINERNEY HLDGS     MK9 GR         -113397336.3  441922391.7
MCINERNEY HLDGS     MCI IX         -113397336.3  441922391.7
MCINERNEY HLDGS     MCIGBX EO      -113397336.3  441922391.7
MCINERNEY HLDGS     MCI EO         -113397336.3  441922391.7
MCINERNEY HLDGS     MNEYF US       -113397336.3  441922391.7
MCINERNEY HLDGS     MK9C PZ        -113397336.3  441922391.7
MCINERNEY HLDGS     MK9 PO         -113397336.3  441922391.7
MCINERNEY HLDGS     MCII IX        -113397336.3  441922391.7
MCINERNEY HLDGS     MCIGBX EU      -113397336.3  441922391.7
MCINERNEY HLDGS     MCI ID         -113397336.3  441922391.7
MCINERNEY HLDGS     MCI VX         -113397336.3  441922391.7
MCINERNEY HLDGS     MCIGBP EO      -113397336.3  441922391.7
MCINERNEY PROP-A    MYP LN         -113397336.3  441922391.7
MCINERNEY PROP-A    MYP ID         -113397336.3  441922391.7
MCINERNEY PROP-A    MCIYF US       -113397336.3  441922391.7
MCINERNEY -RT FP    MCIF LN        -113397336.3  441922391.7
MCINERNEY -RT FP    MCIF ID        -113397336.3  441922391.7
MCINERNEY -RT NP    MCIN ID        -113397336.3  441922391.7
MCINERNEY -RT NP    MCIN LN        -113397336.3  441922391.7
MCINERNEY-ADR       MNEYY US       -113397336.3  441922391.7
PAYZONE PLC         PAYZ PZ        -138030903.2  510010035.3
PAYZONE PLC         PAYZ EU        -138030903.2  510010035.3
PAYZONE PLC         PAYZ LN        -138030903.2  510010035.3
PAYZONE PLC         PAYZ IX        -138030903.2  510010035.3
PAYZONE PLC         4P6 GR         -138030903.2  510010035.3
PAYZONE PLC         PAYZ EO        -138030903.2  510010035.3
PAYZONE PLC         PAYZ PG        -138030903.2  510010035.3
WATERFORD - RTS     508519Q LN     -505729895.2    820803256
WATERFORD - RTS     WWWB ID        -505729895.2    820803256
WATERFORD - RTS     WWWA GR        -505729895.2    820803256
WATERFORD - RTS     WWWA ID        -505729895.2    820803256
WATERFORD - RTS     WWWB GR        -505729895.2    820803256
WATERFORD - RTS     508523Q LN     -505729895.2    820803256
WATERFORD W-ADR     WATWY US       -505729895.2    820803256
WATERFORD WDGEWD    WATFF US       -505729895.2    820803256
WATERFORD WDGEWD    WATWF US       -505729895.2    820803256
WATERFORD WED-RT    586552Q LN     -505729895.2    820803256
WATERFORD WED-RT    WWWC ID        -505729895.2    820803256
WATERFORD WED-RT    WWWC GR        -505729895.2    820803256
WATERFORD WED-RT    WWWD ID        -505729895.2    820803256
WATERFORD WED-RT    WWWD GR        -505729895.2    820803256
WATERFORD WED-RT    WTFR LN        -505729895.2    820803256
WATERFORD WED-RT    586556Q LN     -505729895.2    820803256
WATERFORD WED-UT    WTFU PO        -505729895.2    820803256
WATERFORD WED-UT    WTFUGBX EO     -505729895.2    820803256
WATERFORD WED-UT    WWWD PZ        -505729895.2    820803256
WATERFORD WED-UT    WTFU VX        -505729895.2    820803256
WATERFORD WED-UT    WTFUGBX EU     -505729895.2    820803256
WATERFORD WED-UT    WTFU EO        -505729895.2    820803256
WATERFORD WED-UT    WTFU IX        -505729895.2    820803256
WATERFORD WED-UT    WWW PO         -505729895.2    820803256
WATERFORD WED-UT    WTFU LN        -505729895.2    820803256
WATERFORD WED-UT    WTFU ID        -505729895.2    820803256
WATERFORD WED-UT    WWW GR         -505729895.2    820803256
WATERFORD WED-UT    WTFU EU        -505729895.2    820803256
WATERFORD WE-RTS    WTFN ID        -505729895.2    820803256
WATERFORD WE-RTS    WTFN LN        -505729895.2    820803256
WATERFORD WE-RTS    WTFF LN        -505729895.2    820803256
WATERFORD WE-RTS    WTFN VX        -505729895.2    820803256
WATERFORD WE-RTS    WTFF ID        -505729895.2    820803256
WATERFORD-ADR UT    WFWA GR        -505729895.2    820803256
WATERFORD-ADR UT    WATFZ US       -505729895.2    820803256
WATERFORD-SUB       3001875Z ID    -505729895.2    820803256

AEDES AXA+W         AEAXAW IM      -24405906.61   1350851664
AEDES SPA           AE TQ          -24405906.61   1350851664
AEDES SPA           AE EO          -24405906.61   1350851664
AEDES SPA           LLB GR         -24405906.61   1350851664
AEDES SPA           AE EU          -24405906.61   1350851664
AEDES SPA           AE IM          -24405906.61   1350851664
AEDES SPA           AEDSF US       -24405906.61   1350851664
AEDES SPA           AE PZ          -24405906.61   1350851664
AEDES SPA           AEDI IX        -24405906.61   1350851664
AEDES SPA RNC       AEDE IM        -24405906.61   1350851664
AEDES SPA-OPA       AEDROP IM      -24405906.61   1350851664
AEDES SPA-OPA       AEOPA IM       -24405906.61   1350851664
AEDES SPA-RTS       AEAA IM        -24405906.61   1350851664
AEDES SPA-RTS       AESA IM        -24405906.61   1350851664
AEDES SPA-SVGS R    AEDRAA IM      -24405906.61   1350851664
BINDA SPA           BNDAF US       -11146475.29  128859802.9
BINDA SPA           BND IM         -11146475.29  128859802.9
BROGGI IZAR FABB    BIF IM         -178432.4639  134255668.5
CART SOTTRI-BIND    DEM IM         -11146475.29  128859802.9
CIRIO FINANZIARI    FIY GR         -422095869.5   1583083044
CIRIO FINANZIARI    CRO IM         -422095869.5   1583083044
COIN SPA            GUCIF US       -151690764.8  791310848.7
COIN SPA            GC IX          -151690764.8  791310848.7
COIN SPA            965089Q GR     -151690764.8  791310848.7
COIN SPA/OLD        GC IM          -151690764.8  791310848.7
COIN SPA-RTS        GCAA IM        -151690764.8  791310848.7
COMPAGNIA ITALIA    CITU IX        -137726596.3  527372691.4
COMPAGNIA ITALIA    CGLUF US       -137726596.3  527372691.4
COMPAGNIA ITALIA    ICT IM         -137726596.3  527372691.4
CORNELL BHN         INN IM         -178432.4639  134255668.5
CORNELL BHN         BY EU          -178432.4639  134255668.5
CORNELL BHN         BY EO          -178432.4639  134255668.5
CORNELL BHN         INO1 IX        -178432.4639  134255668.5
CORNELL BHN         CBX IM         -178432.4639  134255668.5
CREDITO FONDIARI    CRF IM         -200209050.3   4213063202
CREDITO FOND-RTS    CRFSA IM       -200209050.3   4213063202
ELIOS HOLDING       EH IM          -178432.4639  134255668.5
ELIOS HOLDING-NE    EH00 IM        -178432.4639  134255668.5
ELIOS HOLDING-RT    EHAA IM        -178432.4639  134255668.5
ELIOS SPA           EHM IM         -178432.4639  134255668.5
I VIAGGI DEL VEN    VVE EO         -92020221.43  318192568.6
I VIAGGI DEL VEN    IVGIF US       -92020221.43  318192568.6
I VIAGGI DEL VEN    VVE PZ         -92020221.43  318192568.6
I VIAGGI DEL VEN    VVE IX         -92020221.43  318192568.6
I VIAGGI DEL VEN    IV7 GR         -92020221.43  318192568.6
I VIAGGI DEL VEN    VVE IM         -92020221.43  318192568.6
I VIAGGI DEL VEN    VVE EU         -92020221.43  318192568.6
I VIAGGI DEL VEN    VVE TQ         -92020221.43  318192568.6
I VIAGGI-RTS        VVEAA IM       -92020221.43  318192568.6
INNOTECH SPA        ELIOF US       -178432.4639  134255668.5
OLCESE SPA          O IM           -12846689.89  179691572.8
OLCESE SPA-RTS      OAA IM         -12846689.89  179691572.8
OLCESE VENEZIANO    OLVE IM        -12846689.89  179691572.8
OMNIA NETWORK SP    ONT TQ          -47468652.4  322390901.7
OMNIA NETWORK SP    ONTI IX         -47468652.4  322390901.7
OMNIA NETWORK SP    ONT EO          -47468652.4  322390901.7
OMNIA NETWORK SP    ONT PZ          -47468652.4  322390901.7
OMNIA NETWORK SP    ONT EU          -47468652.4  322390901.7
OMNIA NETWORK SP    ONT IM          -47468652.4  322390901.7
PARMALAT FINANZI    PMLFF US       -18419390029   4120687886
PARMALAT FINANZI    FICN AV        -18419390029   4120687886
PARMALAT FINANZI    PRFI VX        -18419390029   4120687886
PARMALAT FINANZI    PRF IM         -18419390029   4120687886
PARMALAT FINANZI    PAF GR         -18419390029   4120687886
PARMALAT FINANZI    PMT LI         -18419390029   4120687886
PARMALAT FINANZI    PARAF US       -18419390029   4120687886
PARMALAT FINA-RT    PRFR AV        -18419390029   4120687886
RISANAMEN-RNC OP    RNROPA IM      -165887753.7   4800733024
RISANAMENTO NAPO    RN5 GR         -165887753.7   4800733024
RISANAMENTO -OPA    RNOPA IM       -165887753.7   4800733024
RISANAMENTO -RNC    RNR IM         -165887753.7   4800733024
RISANAMENTO SPA     RNGBP EO       -165887753.7   4800733024
RISANAMENTO SPA     RN TQ          -165887753.7   4800733024
RISANAMENTO SPA     RSMNF US       -165887753.7   4800733024
RISANAMENTO SPA     RN IM          -165887753.7   4800733024
RISANAMENTO SPA     RN EO          -165887753.7   4800733024
RISANAMENTO SPA     RNGBX EO       -165887753.7   4800733024
RISANAMENTO SPA     RN PZ          -165887753.7   4800733024
RISANAMENTO SPA     RN IX          -165887753.7   4800733024
RISANAMENTO SPA     RNGBX EU       -165887753.7   4800733024
RISANAMENTO SPA     RN EU          -165887753.7   4800733024
RISANAMENTO-RTS     RNAA IM        -165887753.7   4800733024
SNIA BPD            SN GR          -141933883.9  150445252.4
SNIA BPD-ADR        SBPDY US       -141933883.9  150445252.4
SNIA SPA            SNIB GR        -141933883.9  150445252.4
SNIA SPA            SN IM          -141933883.9  150445252.4
SNIA SPA            SIAI IX        -141933883.9  150445252.4
SNIA SPA            SNIA GR        -141933883.9  150445252.4
SNIA SPA            SSMLF US       -141933883.9  150445252.4
SNIA SPA            SN TQ          -141933883.9  150445252.4
SNIA SPA            SN EO          -141933883.9  150445252.4
SNIA SPA            SN EU          -141933883.9  150445252.4
SNIA SPA            SNIXF US       -141933883.9  150445252.4
SNIA SPA            SBPDF US       -141933883.9  150445252.4
SNIA SPA            SIAI PZ        -141933883.9  150445252.4
SNIA SPA - RTS      SNAAW IM       -141933883.9  150445252.4
SNIA SPA- RTS       SNAXW IM       -141933883.9  150445252.4
SNIA SPA-2003 SH    SN03 IM        -141933883.9  150445252.4
SNIA SPA-CONV SA    SPBDF US       -141933883.9  150445252.4
SNIA SPA-DRC        SNR00 IM       -141933883.9  150445252.4
SNIA SPA-NEW        SN00 IM        -141933883.9  150445252.4
SNIA SPA-NON CON    SPBNF US       -141933883.9  150445252.4
SNIA SPA-RCV        SNIVF US       -141933883.9  150445252.4
SNIA SPA-RCV        SNR IM         -141933883.9  150445252.4
SNIA SPA-RIGHTS     SNAW IM        -141933883.9  150445252.4
SNIA SPA-RNC        SNRNC IM       -141933883.9  150445252.4
SNIA SPA-RNC        SNIWF US       -141933883.9  150445252.4
SNIA SPA-RTS        SNSO IM        -141933883.9  150445252.4
SNIA SPA-RTS        SNAA IM        -141933883.9  150445252.4
SOCOTHERM SPA       SCT EO         -161739278.5  398222827.1
SOCOTHERM SPA       SCTM IX        -161739278.5  398222827.1
SOCOTHERM SPA       SCT IM         -161739278.5  398222827.1
SOCOTHERM SPA       SOCEF US       -161739278.5  398222827.1
SOCOTHERM SPA       SCTI PZ        -161739278.5  398222827.1
SOCOTHERM SPA       SCT EU         -161739278.5  398222827.1
SOCOTHERM SPA       SCT TQ         -161739278.5  398222827.1
TAS TECNOLOGIA      TAS NM         -405622.1721  172796509.7
TAS TECNOLOGIA      TAQ GR         -405622.1721  172796509.7
TAS TECNOLOGIA      TAS EU         -405622.1721  172796509.7
TAS TECNOLOGIA      TAS IM         -405622.1721  172796509.7
TAS TECNOLOGIA      TAS EO         -405622.1721  172796509.7
TAS TECNOLOGIA      TAS PZ         -405622.1721  172796509.7
TAS TECNOLOGIA      TAS TQ         -405622.1721  172796509.7
TECNODIFF ITALIA    TDI NM         -89894162.82  152045757.5
TECNODIFF ITALIA    TEF GR         -89894162.82  152045757.5
TECNODIFF ITALIA    TDI IM         -89894162.82  152045757.5
TECNODIFF ITALIA    TDIFF US       -89894162.82  152045757.5
TECNODIFF-RTS       TDIAOW NM      -89894162.82  152045757.5
TECNODIFFUSIONE     TDIAAW IM      -89894162.82  152045757.5
TISCALI - RTS       TISAAW IM      -421259823.5  632152613.6
TISCALI - RTS       TIQA GR        -421259823.5  632152613.6
TISCALI SPA         TISGBX EO      -421259823.5  632152613.6
TISCALI SPA         TIQG IX        -421259823.5  632152613.6
TISCALI SPA         TIS TQ         -421259823.5  632152613.6
TISCALI SPA         TIS PZ         -421259823.5  632152613.6
TISCALI SPA         TISGBP EO      -421259823.5  632152613.6
TISCALI SPA         TISN IM        -421259823.5  632152613.6
TISCALI SPA         TISGBX EU      -421259823.5  632152613.6
TISCALI SPA         TSCXF US       -421259823.5  632152613.6
TISCALI SPA         TIQ1 GR        -421259823.5  632152613.6
TISCALI SPA         TIS IX         -421259823.5  632152613.6
TISCALI SPA         TIS EO         -421259823.5  632152613.6
TISCALI SPA         TIS VX         -421259823.5  632152613.6
TISCALI SPA         TIS EU         -421259823.5  632152613.6
TISCALI SPA         TIS NR         -421259823.5  632152613.6
TISCALI SPA         TISN IX        -421259823.5  632152613.6
TISCALI SPA         TIS FP         -421259823.5  632152613.6
TISCALI SPA         TIQ GR         -421259823.5  632152613.6
TISCALI SPA         TIS NA         -421259823.5  632152613.6
TISCALI SPA         TISN VX        -421259823.5  632152613.6
TISCALI SPA         TIS IM         -421259823.5  632152613.6
TISCALI SPA         TISN FP        -421259823.5  632152613.6
TISCALI SPA         TISN NA        -421259823.5  632152613.6
TISCALI SPA- RTS    3391621Q GR    -421259823.5  632152613.6
TISCALI SPA- RTS    TISAXA IM      -421259823.5  632152613.6
YORKVILLE BHN       CBXI PZ        -178432.4639  134255668.5
YORKVILLE BHN       BY TQ          -178432.4639  134255668.5
YORKVILLE BHN       BY IM          -178432.4639  134255668.5

CARRIER1 INT-AD+    CONE ES           -94729000    472360992
CARRIER1 INT-ADR    CONEQ US          -94729000    472360992
CARRIER1 INT-ADR    CONEE US          -94729000    472360992
CARRIER1 INT-ADR    CONE US           -94729000    472360992
CARRIER1 INTL       CJN NM            -94729000    472360992
CARRIER1 INTL       CJNA GR           -94729000    472360992
CARRIER1 INTL       CJN GR            -94729000    472360992
CARRIER1 INTL SA    CONEF US          -94729000    472360992
CARRIER1 INTL SA    1253Z SW          -94729000    472360992

BAAN CO NV-ASSEN    BAANA NA       -7854741.409  609871188.9
BAAN COMPANY NV     BAAN EU        -7854741.409  609871188.9
BAAN COMPANY NV     BAAVF US       -7854741.409  609871188.9
BAAN COMPANY NV     BAAN GR        -7854741.409  609871188.9
BAAN COMPANY NV     BAAN NA        -7854741.409  609871188.9
BAAN COMPANY NV     BAAN EO        -7854741.409  609871188.9
BAAN COMPANY NV     BAAN PZ        -7854741.409  609871188.9
BAAN COMPANY NV     BAAN IX        -7854741.409  609871188.9
BAAN COMPANY NV     BNCG IX        -7854741.409  609871188.9
BAAN COMPANY-NY     BAANF US       -7854741.409  609871188.9
JAMES HARDIE IND    HAH AU           -131100008   2130899840
JAMES HARDIE IND    HAH NZ           -131100008   2130899840
JAMES HARDIE IND    600241Q GR       -131100008   2130899840
JAMES HARDIE IND    726824Z NA       -131100008   2130899840
JAMES HARDIE NV     JHXCC AU         -131100008   2130899840
JAMES HARDIE-ADR    JHINY US         -131100008   2130899840
JAMES HARDIE-ADR    JHX US           -131100008   2130899840
JAMES HARDIE-CDI    JHIUF US         -131100008   2130899840
JAMES HARDIE-CDI    JHA GR           -131100008   2130899840
JAMES HARDIE-CDI    JHX AU           -131100008   2130899840
LIBERTY GL EU-A     UPC NA          -5505478850   5112616630
UNITED PAN -ADR     UPEA GR         -5505478850   5112616630
UNITED PAN-A ADR    UPCOY US        -5505478850   5112616630
UNITED PAN-EUR-A    UPC LN          -5505478850   5112616630
UNITED PAN-EUR-A    UPC LI          -5505478850   5112616630
UNITED PAN-EUROP    UPE GR          -5505478850   5112616630
UNITED PAN-EUROP    UPE1 GR         -5505478850   5112616630
UNITED PAN-EUROP    UPCEF US        -5505478850   5112616630
UNITED PAN-EUROP    UPC VX          -5505478850   5112616630
UNITED PAN-EUROP    UPCOF US        -5505478850   5112616630
NEXUS FLOATING P    NEXUSGBX EU      -158054000    353053024
NEXUS FLOATING P    NEXUSEUR EO      -158054000    353053024
NEXUS FLOATING P    NEXU NO          -158054000    353053024
NEXUS FLOATING P    NEXUSEUR EU      -158054000    353053024
NEXUS FLOATING P    NEXUS EO         -158054000    353053024
NEXUS FLOATING P    NEXUS PZ         -158054000    353053024
NEXUS FLOATING P    NEXUS NO         -158054000    353053024
NEXUS FLOATING P    NEXUS BY         -158054000    353053024
NEXUS FLOATING P    NEXUS EU         -158054000    353053024
PETRO GEO-SERV      265143Q NO     -18066142.21  399710323.6
PETRO GEO-SERV      PGS GR         -18066142.21  399710323.6
PETRO GEO-SERV      PGS VX         -18066142.21  399710323.6
PETRO GEO-SERV-N    PGSN NO        -18066142.21  399710323.6
PETRO GEO-SV-ADR    PGOGY US       -18066142.21  399710323.6
PETRO GEO-SV-ADR    PGSA GR        -18066142.21  399710323.6
PETROLIA DRILLIN    PDREUR EO         -25943000    499350016
PETROLIA DRILLIN    PDR NO            -25943000    499350016
PETROLIA DRILLIN    PDR EO            -25943000    499350016
PETROLIA DRILLIN    PDR BY            -25943000    499350016
PETROLIA DRILLIN    PDR TQ            -25943000    499350016
PETROLIA DRILLIN    PDR EU            -25943000    499350016
PETROLIA DRILLIN    PDR1 IX           -25943000    499350016
PETROLIA DRILLIN    PDR PZ            -25943000    499350016
PETROLIA DRILLIN    PDREUR EU         -25943000    499350016
PETROLIA DRILLIN    P8D GR            -25943000    499350016
PETROLIA DRI-NEW    PDRN NO           -25943000    499350016
PETROLIA DRI-RTS    PDRT NO           -25943000    499350016

KROSNO              KROS IX        -2241614.766  111838141.2
KROSNO              KRS LI         -2241614.766  111838141.2
KROSNO              KRS1EUR EO     -2241614.766  111838141.2
KROSNO              KRS PW         -2241614.766  111838141.2
KROSNO              KRS1EUR EU     -2241614.766  111838141.2
KROSNO SA           KRS1 EU        -2241614.766  111838141.2
KROSNO SA           KRS PZ         -2241614.766  111838141.2
KROSNO SA           KRS1 EO        -2241614.766  111838141.2
KROSNO SA           KROSNO PW      -2241614.766  111838141.2
KROSNO SA           KRNFF US       -2241614.766  111838141.2
KROSNO SA-RTS       KRSP PW        -2241614.766  111838141.2
KROSNO-PDA-ALLT     KRSA PW        -2241614.766  111838141.2
TOORA               2916665Q EU    -288818.3897  147004954.2
TOORA               TOR PW         -288818.3897  147004954.2
TOORA               TOR PZ         -288818.3897  147004954.2
TOORA               2916661Q EO    -288818.3897  147004954.2
TOORA-ALLOT CERT    TORA PW        -288818.3897  147004954.2

BENFICA             SLBENX PX      -16614056.44  234366255.6
BENFICA             SLBE IX        -16614056.44  234366255.6
BENFICA             SLBEN EU       -16614056.44  234366255.6
BENFICA             SLBEN PL       -16614056.44  234366255.6
BENFICA             SLBEN PZ       -16614056.44  234366255.6
BENFICA             SLBEN EO       -16614056.44  234366255.6
LISGRAFICA IMPRE    LIAG EO        -11584933.86  107940470.6
LISGRAFICA IMPRE    LIG PZ         -11584933.86  107940470.6
LISGRAFICA IMPRE    LIG EO         -11584933.86  107940470.6
LISGRAFICA IMPRE    LIG PL         -11584933.86  107940470.6
LISGRAFICA IMPRE    LIAG PL        -11584933.86  107940470.6
LISGRAFICA IMPRE    LIG EU         -11584933.86  107940470.6
LISGRAFICA IMPRE    LIAG EU        -11584933.86  107940470.6
LISGRAFICA-RTS      LIGDS PL       -11584933.86  107940470.6
PORCELANA VISTA     PVAL PL        -75871846.95  148731546.6
SPORT LISBOA E B    1249Z PL       -16614056.44  234366255.6
SPORTING-SOC DES    SCPL IX         -4083492.14  225687305.9
SPORTING-SOC DES    SCG GR          -4083492.14  225687305.9
SPORTING-SOC DES    SCDF PL         -4083492.14  225687305.9
SPORTING-SOC DES    SCP1 PZ         -4083492.14  225687305.9
SPORTING-SOC DES    SCDF EU         -4083492.14  225687305.9
SPORTING-SOC DES    SCDF EO         -4083492.14  225687305.9
SPORTING-SOC DES    SCP PL          -4083492.14  225687305.9
SPORTING-SOC DES    SCPX PX         -4083492.14  225687305.9
VAA VISTA ALEGRE    VAF PZ         -75871846.95  148731546.6
VAA VISTA ALEGRE    VAFX PX        -75871846.95  148731546.6
VAA VISTA ALEGRE    VAF PL         -75871846.95  148731546.6
VAA VISTA ALEGRE    VAF EO         -75871846.95  148731546.6
VAA VISTA ALEGRE    VAF EU         -75871846.95  148731546.6
VAA VISTA ALTAN     VAFK EO        -75871846.95  148731546.6
VAA VISTA ALTAN     VAFK PL        -75871846.95  148731546.6
VAA VISTA ALTAN     VAFKX PX       -75871846.95  148731546.6
VAA VISTA ALTAN     VAFK PZ        -75871846.95  148731546.6
VAA VISTA ALTAN     VAFK EU        -75871846.95  148731546.6
OLTCHIM RM VALCE    OLT EU         -89344235.29  511515508.8
OLTCHIM RM VALCE    OLT PZ         -89344235.29  511515508.8
OLTCHIM RM VALCE    OLTCF US       -89344235.29  511515508.8
OLTCHIM RM VALCE    OLT RO         -89344235.29  511515508.8
OLTCHIM RM VALCE    OLTEUR EU      -89344235.29  511515508.8
OLTCHIM RM VALCE    OLT EO         -89344235.29  511515508.8
OLTCHIM RM VALCE    OLTEUR EO      -89344235.29  511515508.8

RAFO SA             RAF RO         -457922636.3  356796459.3
UZINELE SODICE G    UZIM RO        -62313938.86  107275526.8

AMUR SHIP-BRD       AMZS* RU        -99051792.6   1089408985
AMUR SHIP-BRD       AMZS RU         -99051792.6   1089408985
BESIKTAS FUTBOL     BJKASM TI      -10396040.97  175760356.3
BESIKTAS FUTBOL     BWX GR         -10396040.97  175760356.3
BESIKTAS FUTBOL     BKTFF US       -10396040.97  175760356.3
BESIKTAS FUTBOL     BJKAS TI       -10396040.97  175760356.3
BESIKTAS FUTBOL     BJKASY TI      -10396040.97  175760356.3
EGS EGE GIYIM VE    EGDIS TI       -7732138.551  147075066.7
EGS EGE GIYIM-RT    EGDISR TI      -7732138.551  147075066.7
IKTISAT FINAN-RT    IKTFNR TI      -46900661.12  108228233.6
IKTISAT FINANSAL    IKTFN TI       -46900661.12  108228233.6
MUDURNU TAVUKC-N    MDRNUN TI      -64930189.62  160408172.1
MUDURNU TAVUKCUL    MDRNU TI       -64930189.62  160408172.1
SIFAS               SIFAS TI        -15439198.6    130608104
TUTUNBANK           TUT TI          -4024959602   2643810457
YASARBANK           YABNK TI        -4024959602   2643810457

DUVANSKA            DIVR SG        -7729350.776  109207260.5
IMK 14 OKTOBAR A    IMKO SG        -5175836.416  110102264.2
PINKI AD            PNKI SG        -36537862.34    120707518
ZASTAVA AUTOMOBI    ZAKG SG        -396504649.1  174692011.1

ACTUACIONES ACTI    AGR SM         -148097530.9  674738808.3
AGRUPACIO - RT      AGR/D SM       -148097530.9  674738808.3
FERGO AISA SA       AISA SM        -148097530.9  674738808.3
FERGO AISA SA       AISA EU        -148097530.9  674738808.3
FERGO AISA SA       AISA PZ        -148097530.9  674738808.3
FERGO AISA SA       AISA EO        -148097530.9  674738808.3
MARTINSA FADESA     MTF EU          -1847997044   8832898708
MARTINSA FADESA     MTF1 LI         -1847997044   8832898708
MARTINSA FADESA     4PU GR          -1847997044   8832898708
MARTINSA FADESA     MTF SM          -1847997044   8832898708
MARTINSA FADESA     MTF EO          -1847997044   8832898708
MARTINSA FADESA     MFAD PZ         -1847997044   8832898708
MARTINSA-FADESA     MTF NR          -1847997044   8832898708

AZOVZAGALMASH MA    AZGM UZ        -16212049.02  277693905.5
BANK FORUM -GDR     FRMB038 RU     -5331676.798   2243068982
BANK FORUM -GDR     639540Z LX     -5331676.798   2243068982
BANK FORUM -GDR     BFJG IX        -5331676.798   2243068982
BANK FORUM -GDR     B5F GR         -5331676.798   2243068982
BANK FORUM JSC      FORM UZ        -5331676.798   2243068982
DNEPROPETROVSK      DMZP UZ        -15926384.43  424303604.8
DNIPROOBLENERGO     DNON UZ        -3607242.033  284973578.6
DONETSKOBLENERGO    DOON UZ        -209532649.1    360933615
LUGANSKGAS          LYGZ UZ        -16963558.31  110262633.1
LUGANSKOBLENERGO    LOEN UZ        -27621096.54  197769532.3
NAFTOKHIMIK PRIC    NAFP UZ        -19746288.63  299014707.5
NAFTOKHIMIK-GDR     N3ZA GR        -19746288.63  299014707.5
ODESSA OIL REFIN    ONPZ UZ        -70727947.39  325964086.9

4LESS GROUP         LI4 GR         -3088436.068  106650689.4
4LESS GROUP         BHL PO         -3088436.068  106650689.4
4LESS GROUP         FL/ LN         -3088436.068  106650689.4
4LESS GROUP         BYH PO         -3088436.068  106650689.4
4LESS GROUP         FL/ PO         -3088436.068  106650689.4
4LESS GROUP         FLG OF         -3088436.068  106650689.4
ADVANCE DISPLAY     ADTP PZ         -3015578835   2590007904
AEA TECHNOLO-FPR    AATF LN        -215101594.9    121405070
AEA TECHNOLO-FPR    AATF PZ        -215101594.9    121405070
AEA TECHNOLOGY      AAT IX         -215101594.9    121405070
AEA TECHNOLOGY      AAT LN         -215101594.9    121405070
AEA TECHNOLOGY      EAETF US       -215101594.9    121405070
AEA TECHNOLOGY      AAT VX         -215101594.9    121405070
AEA TECHNOLOGY      AAT PZ         -215101594.9    121405070
AEA TECHNOLOGY      AAT EU         -215101594.9    121405070
AEA TECHNOLOGY      AEY GR         -215101594.9    121405070
AEA TECHNOLOGY      AAT EO         -215101594.9    121405070
AEA TECHNOLOGY      AATGBP EO      -215101594.9    121405070
AEA TECHNOLOGY      AAT PO         -215101594.9    121405070
AEA TECHNOLO-NPR    AATN PZ        -215101594.9    121405070
AEA TECHNOLO-NPR    AATN LN        -215101594.9    121405070
AIRTOURS PLC        ATORF US       -379721841.6   1817512774
AIRTOURS PLC        AIR LN         -379721841.6   1817512774
AIRTOURS PLC        AIR VX         -379721841.6   1817512774
ALLDAYS PLC         ALDYF US         -120493900  252232072.9
ALLDAYS PLC         317056Q LN       -120493900  252232072.9
AMER BUS SYS        ARB LN           -497127008    121439000
AMEY PLC            AMY LN         -48862569.33  931527720.5
AMEY PLC            AMEYF US       -48862569.33  931527720.5
AMEY PLC            AMY VX         -48862569.33  931527720.5
AMEY PLC-ASSENT     AMYA LN        -48862569.33  931527720.5
AMEY PLC-NEW        AMYN LN        -48862569.33  931527720.5
ANKER PLC           DW14 GR        -21861359.81    115463159
ANKER PLC           ANK PO         -21861359.81    115463159
ANKER PLC           ANK LN         -21861359.81    115463159
ANKER PLC - ASSD    ANKC LN        -21861359.81    115463159
ANKER PLC - ASSD    ANKB LN        -21861359.81    115463159
ANKER PLC-ASSD      ANKA LN        -21861359.81    115463159
ATKINS (WS) PLC     ATK EO           -207093345   1339139513
ATKINS (WS) PLC     ATKGBP EO        -207093345   1339139513
ATKINS (WS) PLC     ATK LN           -207093345   1339139513
ATKINS (WS) PLC     ATK BQ           -207093345   1339139513
ATKINS (WS) PLC     ATK PO           -207093345   1339139513
ATKINS (WS) PLC     ATK PZ           -207093345   1339139513
ATKINS (WS) PLC     ATK EU           -207093345   1339139513
ATKINS (WS) PLC     ATKEUR EO        -207093345   1339139513
ATKINS (WS) PLC     6W2 GR           -207093345   1339139513
ATKINS (WS) PLC     ATK QM           -207093345   1339139513
ATKINS (WS) PLC     ATK NR           -207093345   1339139513
ATKINS (WS) PLC     ATK NQ           -207093345   1339139513
ATKINS (WS) PLC     ATK VX           -207093345   1339139513
ATKINS (WS) PLC     ATKEUR EU        -207093345   1339139513
ATKINS (WS) PLC     ATK IX           -207093345   1339139513
ATKINS (WS) PLC     ATK EB           -207093345   1339139513
ATKINS (WS) PLC     WATKF US         -207093345   1339139513
ATKINS (WS) PLC     ATK TQ           -207093345   1339139513
BAYDONHILL PLC      BHL PZ         -3088436.068  106650689.4
BAYDONHILL PLC      BYH LN         -3088436.068  106650689.4
BAYDONHILL PLC      BHL LN         -3088436.068  106650689.4
BAYDONHILL PLC      BHL IX         -3088436.068  106650689.4
BAYDONHILL PLC      BHL EU         -3088436.068  106650689.4
BAYDONHILL PLC      BHL PG         -3088436.068  106650689.4
BAYDONHILL PLC      BHL EO         -3088436.068  106650689.4
BLACK & EDGINGTO    BLE LN         -134177517.4  149159301.6
BNB RECRUITMENT     BNBRF US       -10242627.53    103637705
BNB RECRUITMENT     BNB PO         -10242627.53    103637705
BNB RECRUITMENT     BNB LN         -10242627.53    103637705
BNB RECRUITMENT     BNB IX         -10242627.53    103637705
BNB RECRUITMENT     BQX GR         -10242627.53    103637705
BOOKER PLC          1330Q GR        -59832880.4   1298182549
BOOKER PLC          987188Q LN      -59832880.4   1298182549
BOOKER PLC          BKERF US        -59832880.4   1298182549
BOOKER PLC-ADR      BOK$ LN         -59832880.4   1298182549
BOOKER PLC-ADR      BKRUY US        -59832880.4   1298182549
BRADSTOCK GROUP     BSKGF US       -1855444.443  268563822.5
BRADSTOCK GROUP     BDK LN         -1855444.443  268563822.5
BRIT ENERGY LTD     523362Q LN      -5822867501   4921095750
BRIT ENERGY PLC     BGYEF US        -5822867501   4921095750
BRIT ENERGY PLC     BHEGF US        -5822867501   4921095750
BRIT ENERGY PLC     BEN1 GR         -5822867501   4921095750
BRIT ENERGY PLC     555140Q VX      -5822867501   4921095750
BRIT ENERGY-A       BENA GR         -5822867501   4921095750
BRIT ENERGY-ADR     BHEFF US        -5822867501   4921095750
BRIT NUCLEAR        1046Z LN        -4247644150  40325778907
BRIT TELECOM        9484 JP         -5803590908  44998015107
BRIT TELECOM        BTE GR          -5803590908  44998015107
BRIT TELECOM PLC    BTPLF US        -5803590908  44998015107
BRIT TELECOM PLC    BT/A VX         -5803590908  44998015107
BRIT TELECOM PLC    BTPWF US        -5803590908  44998015107
BRIT TELECOM-ADR    BTEA GR         -5803590908  44998015107
BRIT TELECOM-ADR    1481Q CN        -5803590908  44998015107
BRIT TELECOM-RTS    BTY-R US        -5803590908  44998015107
BRITISH ENER-$US    BGYNYD AR       -5822867501   4921095750
BRITISH ENER-$US    BGYD AR         -5822867501   4921095750
BRITISH ENER-ADR    BGYNY US        -5822867501   4921095750
BRITISH ENER-BLK    BGYNYB AR       -5822867501   4921095750
BRITISH ENER-BLK    BGYB AR         -5822867501   4921095750
BRITISH ENER-C/E    BGYC AR         -5822867501   4921095750
BRITISH ENER-C/E    BGYNYC AR       -5822867501   4921095750
BRITISH ENER-CED    BGY AR          -5822867501   4921095750
BRITISH ENER-CED    BGYNY AR        -5822867501   4921095750
BRITISH ENERGY-A    BHEAF US        -5822867501   4921095750
BRITISH ENERGY-A    BGYA PO         -5822867501   4921095750
BRITISH ENERGY-A    BGYA VX         -5822867501   4921095750
BRITISH ENERGY-A    3012442Q LN     -5822867501   4921095750
BRITISH ENERGY-A    BGYGF US        -5822867501   4921095750
BRITISH TELE-FP     BT/F LN         -5803590908  44998015107
BRITISH TELE-NP     BT/N LN         -5803590908  44998015107
BRITISH TELE-NP     BTPXF US        -5803590908  44998015107
BRITVIC             B6S GR         -3988699.913   1361742201
BRITVIC PLC         BVIC LN        -3988699.913   1361742201
BRITVIC PLC         BVIC EU        -3988699.913   1361742201
BRITVIC PLC         BVIC QM        -3988699.913   1361742201
BRITVIC PLC         BVIC TQ        -3988699.913   1361742201
BRITVIC PLC         BVICEUR EO     -3988699.913   1361742201
BRITVIC PLC         BVIC PZ        -3988699.913   1361742201
BRITVIC PLC         BVIC IX        -3988699.913   1361742201
BRITVIC PLC         BVIC EB        -3988699.913   1361742201
BRITVIC PLC         BVICGBP EO     -3988699.913   1361742201
BRITVIC PLC         BVICUSD EU     -3988699.913   1361742201
BRITVIC PLC         BVIC NR        -3988699.913   1361742201
BRITVIC PLC         BTVCF US       -3988699.913   1361742201
BRITVIC PLC         BVICEUR EU     -3988699.913   1361742201
BRITVIC PLC         BVIC BQ        -3988699.913   1361742201
BRITVIC PLC         BVIC NQ        -3988699.913   1361742201
BRITVIC PLC         BVIC EO        -3988699.913   1361742201
BRITVIC PLC         BVIC VX        -3988699.913   1361742201
BRITVIC PLC         BVICUSD EO     -3988699.913   1361742201
BT GROUP PLC        BT/AGBP EO      -5803590908  44998015107
BT GROUP PLC        BT/A TQ         -5803590908  44998015107
BT GROUP PLC        BT/AEUR EU      -5803590908  44998015107
BT GROUP PLC        BT/AUSD EU      -5803590908  44998015107
BT GROUP PLC        BT/ VX          -5803590908  44998015107
BT GROUP PLC        BTGOF US        -5803590908  44998015107
BT GROUP PLC        BT/APEN EO      -5803590908  44998015107
BT GROUP PLC        BT/A PO         -5803590908  44998015107
BT GROUP PLC        BT/A EO         -5803590908  44998015107
BT GROUP PLC        BTQ GR          -5803590908  44998015107
BT GROUP PLC        BT/A EB         -5803590908  44998015107
BT GROUP PLC        BT/APEN EU      -5803590908  44998015107
BT GROUP PLC        BT/A NQ         -5803590908  44998015107
BT GROUP PLC        BT/A NR         -5803590908  44998015107
BT GROUP PLC        BTEG IX         -5803590908  44998015107
BT GROUP PLC        BT/AUSD EO      -5803590908  44998015107
BT GROUP PLC        BT IX           -5803590908  44998015107
BT GROUP PLC        BT/A LN         -5803590908  44998015107
BT GROUP PLC        BT/AEUR EO      -5803590908  44998015107
BT GROUP PLC        BT/A QM         -5803590908  44998015107
BT GROUP PLC        BT PZ           -5803590908  44998015107
BT GROUP PLC        BT/A BQ         -5803590908  44998015107
BT GROUP PLC        BT/A EU         -5803590908  44998015107
BT GROUP PLC-ADR    BT/$ LN         -5803590908  44998015107
BT GROUP PLC-W/I    BTWI LN         -5803590908  44998015107
BT GROUP-ADR        BTQA GR         -5803590908  44998015107
BT GROUP-ADR WI     BTY-W US        -5803590908  44998015107
BT GROUP-CED $US    BTYD AR         -5803590908  44998015107
BT GROUP-CED $US    BTD AR          -5803590908  44998015107
BT GROUP-CED BLK    BTB AR          -5803590908  44998015107
BT GROUP-CED BLK    BTYB AR         -5803590908  44998015107
BT GROUP-CED C/E    BTYC AR         -5803590908  44998015107
BT GROUP-CED C/E    BTC AR          -5803590908  44998015107
BT GROUP-CEDEAR     BT AR           -5803590908  44998015107
BT GROUP-CEDEAR     BTY AR          -5803590908  44998015107
BT GROUP-SPON AD    BT US           -5803590908  44998015107
BT GROUP-SPON AD    BTY US          -5803590908  44998015107
BT GROUP-SPON AD    BT MM           -5803590908  44998015107
BT GROUP-SPON AD    BTYN MM         -5803590908  44998015107
CARLISLE GROUP      506819Q LN     -11904426.45    203548565
CHRYSALIS GROUP     5CY GR         -7422046.098  110320050.3
CHRYSALIS GROUP     CHSEUR EO      -7422046.098  110320050.3
CHRYSALIS GROUP     CHS VX         -7422046.098  110320050.3
CHRYSALIS GROUP     CHSUSD EU      -7422046.098  110320050.3
CHRYSALIS GROUP     CYGUF US       -7422046.098  110320050.3
CHRYSALIS GROUP     CHS EO         -7422046.098  110320050.3
CHRYSALIS GROUP     HR4 GR         -7422046.098  110320050.3
CHRYSALIS GROUP     CHS PO         -7422046.098  110320050.3
CHRYSALIS GROUP     CLYSF US       -7422046.098  110320050.3
CHRYSALIS GROUP     CHS PZ         -7422046.098  110320050.3
CHRYSALIS GROUP     CHS LN         -7422046.098  110320050.3
CHRYSALIS GROUP     CHSGBP EO      -7422046.098  110320050.3
CHRYSALIS GROUP     CHSEUR EU      -7422046.098  110320050.3
CHRYSALIS GROUP     CHS IX         -7422046.098  110320050.3
CHRYSALIS GROUP     CHSUSD EO      -7422046.098  110320050.3
CHRYSALIS GROUP     CHS EU         -7422046.098  110320050.3
CLIPPER WINDPOWE    CWP IX           -218336000    776211968
CLIPPER WINDPOWE    CWP LN           -218336000    776211968
CLIPPER WINDPOWE    CWPA LN          -218336000    776211968
CLIPPER WINDPOWE    CWP PZ           -218336000    776211968
CLIPPER WINDPOWE    CWP EU           -218336000    776211968
CLIPPER WINDPOWE    3470635Q LN      -218336000    776211968
CLIPPER WINDPOWE    CRPWF US         -218336000    776211968
CLIPPER WINDPOWE    CWP PG           -218336000    776211968
CLIPPER WINDPOWE    C2W GR           -218336000    776211968
CLIPPER WINDPOWE    CWP EO           -218336000    776211968
COMPASS GROU-OLD    1259Q LN       -668101173.9   2972459078
COMPASS GROUP       QOP GR         -668101173.9   2972459078
COMPASS GRP-ADR     CMSJY US       -668101173.9   2972459078
COMPASS GRP-ADR     CMSGY US       -668101173.9   2972459078
COSTAIN GROUP       COST IX        -19097658.92  649978943.3
COSTAIN GROUP       COSTGBP EO     -19097658.92  649978943.3
COSTAIN GROUP       COSTUSD EO     -19097658.92  649978943.3
COSTAIN GROUP       COST VX        -19097658.92  649978943.3
COSTAIN GROUP       COSTEUR EO     -19097658.92  649978943.3
COSTAIN GROUP       COSTEUR EU     -19097658.92  649978943.3
COSTAIN GROUP       COSTUSD EU     -19097658.92  649978943.3
COSTAIN GROUP       COST EU        -19097658.92  649978943.3
COSTAIN GROUP       COST PZ        -19097658.92  649978943.3
COSTAIN GROUP       COST PO        -19097658.92  649978943.3
COSTAIN GROUP       CSGFF US       -19097658.92  649978943.3
COSTAIN GROUP       COST LN        -19097658.92  649978943.3
COSTAIN GROUP       COST EO        -19097658.92  649978943.3
COSTAIN GROU-RTS    COSF LN        -19097658.92  649978943.3
COSTAIN GROU-RTS    COSN LN        -19097658.92  649978943.3
DAILY MAIL TST      DMGOGBP EO     -139060248.4   3723159411
DAILY MAIL TST      DMGO PO        -139060248.4   3723159411
DAILY MAIL TST      DMGO EO        -139060248.4   3723159411
DAILY MAIL TST      DMGO VX        -139060248.4   3723159411
DAILY MAIL TST      DGW GR         -139060248.4   3723159411
DAILY MAIL TST      DMGO IX        -139060248.4   3723159411
DAILY MAIL TST      DMGO EU        -139060248.4   3723159411
DAILY MAIL TST      DMGO PZ        -139060248.4   3723159411
DAILY MAIL TST      DMTOF US       -139060248.4   3723159411
DAILY MAIL TST      DMGO LN        -139060248.4   3723159411
DAILY MAIL TST A    DMGTEUR EO     -139060248.4   3723159411
DAILY MAIL TST A    DMGT EB        -139060248.4   3723159411
DAILY MAIL TST A    DMGT QM        -139060248.4   3723159411
DAILY MAIL TST A    DMGTGBP EO     -139060248.4   3723159411
DAILY MAIL TST A    DMGT PO        -139060248.4   3723159411
DAILY MAIL TST A    DMGT NR        -139060248.4   3723159411
DAILY MAIL TST A    DMGT VX        -139060248.4   3723159411
DAILY MAIL TST A    DMGT EU        -139060248.4   3723159411
DAILY MAIL TST A    DGW1 GR        -139060248.4   3723159411
DAILY MAIL TST A    DMGT BQ        -139060248.4   3723159411
DAILY MAIL TST A    DMGTEUR EU     -139060248.4   3723159411
DAILY MAIL TST A    DMGT PZ        -139060248.4   3723159411
DAILY MAIL TST A    DMGT LN        -139060248.4   3723159411
DAILY MAIL TST A    DMGTUSD EO     -139060248.4   3723159411
DAILY MAIL TST A    DMGT NQ        -139060248.4   3723159411
DAILY MAIL TST A    DMGT IX        -139060248.4   3723159411
DAILY MAIL TST A    DMGT EO        -139060248.4   3723159411
DAILY MAIL TST A    DMGT TQ        -139060248.4   3723159411
DAILY MAIL TST A    DMTGF US       -139060248.4   3723159411
DAILY MAIL TST A    DMGTUSD EU     -139060248.4   3723159411
DANKA BUS SYSTEM    DNK LN           -497127008    121439000
DANKA BUS SYSTEM    DNK VX           -497127008    121439000
DANKA BUS SYSTEM    DANKF US         -497127008    121439000
DANKA BUS SYSTEM    DNK PO           -497127008    121439000
DANKA BUS SYSTEM    3205283Q EO      -497127008    121439000
DANKA BUS SYSTEM    DNK IX           -497127008    121439000
DANKA BUS SYSTEM    3205287Q EU      -497127008    121439000
DANKA BUS SYSTEM    DNK PZ           -497127008    121439000
DANKA BUS SYSTEM    3205291Q EO      -497127008    121439000
DANKA BUS-$US CE    DANKD AR         -497127008    121439000
DANKA BUS-ADR       AP39 LI          -497127008    121439000
DANKA BUS-ADR       DANKY US         -497127008    121439000
DANKA BUS-ADR       DANKE US         -497127008    121439000
DANKA BUS-ADR       DB6 GR           -497127008    121439000
DANKA BUS-BLK CE    DANKB AR         -497127008    121439000
DANKA BUS-C/E CE    DANKC AR         -497127008    121439000
DANKA BUS-CEDEAR    DANK AR          -497127008    121439000
DE LA RUE PLC       DLAR PO        -49140782.93  785933430.9
DE LA RUE PLC       DL1C GR        -49140782.93  785933430.9
DE LA RUE PLC       DLAR PZ        -49140782.93  785933430.9
DE LA RUE PLC       DLAR NQ        -49140782.93  785933430.9
DE LA RUE PLC       DLAR EB        -49140782.93  785933430.9
DE LA RUE PLC       DLAR QM        -49140782.93  785933430.9
DE LA RUE PLC       DLAR LN        -49140782.93  785933430.9
DE LA RUE PLC       DLAREUR EU     -49140782.93  785933430.9
DE LA RUE PLC       DLAR TQ        -49140782.93  785933430.9
DE LA RUE PLC       DLAR VX        -49140782.93  785933430.9
DE LA RUE PLC       DLARCHF EO     -49140782.93  785933430.9
DE LA RUE PLC       DLARUSD EU     -49140782.93  785933430.9
DE LA RUE PLC       DLAR BQ        -49140782.93  785933430.9
DE LA RUE PLC       DL1 GR         -49140782.93  785933430.9
DE LA RUE PLC       DELRF US       -49140782.93  785933430.9
DE LA RUE PLC       DLRUF US       -49140782.93  785933430.9
DE LA RUE PLC       DLAR NR        -49140782.93  785933430.9
DE LA RUE PLC       DL1B GR        -49140782.93  785933430.9
DE LA RUE PLC       DLARGBP EO     -49140782.93  785933430.9
DE LA RUE PLC       DLAR EO        -49140782.93  785933430.9
DE LA RUE PLC       DLARUSD EO     -49140782.93  785933430.9
DE LA RUE PLC       DLAR EU        -49140782.93  785933430.9
DE LA RUE PLC       DLAREUR EO     -49140782.93  785933430.9
DE LA RUE PLC       DLARCHF EU     -49140782.93  785933430.9
DE LA RUE PLC       DLAR IX        -49140782.93  785933430.9
DE LA RUE PLC       DL1A GR        -49140782.93  785933430.9
DE LA RUE PLC       DLARF US       -49140782.93  785933430.9
DE LA RUE-ADR       DLUEY US       -49140782.93  785933430.9
DE LA RUE-ADR       DERUY US       -49140782.93  785933430.9
DE LA RUE-PREF      3115438Q EU    -49140782.93  785933430.9
DE LA RUE-PREF      DLAP PZ        -49140782.93  785933430.9
DE LA RUE-PREF      DLAP LN        -49140782.93  785933430.9
EASYNET GROUP       EAY GR         -60380609.34  334049332.2
EASYNET GROUP       ESY LN         -60380609.34  334049332.2
EASYNET GROUP       EZNGF US       -60380609.34  334049332.2
EASYNET GROUP       ESY VX         -60380609.34  334049332.2
EASYNET GROUP       ESY PO         -60380609.34  334049332.2
EASYNET GROUP-CV    91009Z LN      -60380609.34  334049332.2
EMI GROUP -ASSD     EMIA LN         -2265916257   2950021937
EMI GROUP LTD       EMI LN          -2265916257   2950021937
EMI GROUP PLC       EMI VX          -2265916257   2950021937
EMI GROUP PLC       EMI PO          -2265916257   2950021937
EMI GROUP PLC       EMI IX          -2265916257   2950021937
EMI GROUP PLC       3020138Q GR     -2265916257   2950021937
EMI GROUP PLC       EMIPF US        -2265916257   2950021937
EMI GROUP PLC-B     1019425Q LN     -2265916257   2950021937
EMI GROUP-ADR       38IS LN         -2265916257   2950021937
EMI GROUP-ADR       EMIPY US        -2265916257   2950021937
EMI GROUP-ADR       EMI$ LN         -2265916257   2950021937
EUROPEAN HOME       KLZ VX         -14328735.16  110864081.4
EUROPEAN HOME       EHRGBP EO      -14328735.16  110864081.4
EUROPEAN HOME       EHREUR EU      -14328735.16  110864081.4
EUROPEAN HOME       EHREUR EO      -14328735.16  110864081.4
EUROPEAN HOME       EHR LN         -14328735.16  110864081.4
EUROPEAN HOME       FPAKF US       -14328735.16  110864081.4
EUROPEAN HOME       EHR PO         -14328735.16  110864081.4
EUROPEAN HOME       EHR VX         -14328735.16  110864081.4
EUROPEAN HOME       EHR EO         -14328735.16  110864081.4
EUROPEAN HOME       EHR PZ         -14328735.16  110864081.4
EUROPEAN HOME       EHR EU         -14328735.16  110864081.4
EUROPEAN HOME       KLZ PO         -14328735.16  110864081.4
EUROPEAN MINERAL    EPM CN           -123563000    104843000
EUROPEAN MINERAL    EPMLF US         -123563000    104843000
EUROPEAN MINERAL    EPM/U CN         -123563000    104843000
EUROPEAN MINERAL    EUM LN           -123563000    104843000
EUROPEAN MINERAL    EUM PO           -123563000    104843000
FAREPAK PLC         FPK LN         -14328735.16  110864081.4
FARNELL ELEC-ADR    FRN$ LN        -53758146.86  722693619.5
FARNELL ELEC-ADR    FRNZ LN        -53758146.86  722693619.5
FARNELL ELEC-RFD    FRNR LN        -53758146.86  722693619.5
FARNELL ELECTRON    FRNL LN        -53758146.86  722693619.5
GALIFORM PLC        MFI IX         -116415877.1  612420067.1
GALIFORM PLC        GFRM EB        -116415877.1  612420067.1
GALIFORM PLC        GFRM QM        -116415877.1  612420067.1
GALIFORM PLC        GFRM LN        -116415877.1  612420067.1
GALIFORM PLC        GFRM BQ        -116415877.1  612420067.1
GALIFORM PLC        MFI PO         -116415877.1  612420067.1
GALIFORM PLC        GFRMNOK EO     -116415877.1  612420067.1
GALIFORM PLC        GFRM IX        -116415877.1  612420067.1
GALIFORM PLC        GLFMF US       -116415877.1  612420067.1
GALIFORM PLC        GFRMNOK EU     -116415877.1  612420067.1
GALIFORM PLC        GFRMEUR EU     -116415877.1  612420067.1
GALIFORM PLC        GFRMGBP EO     -116415877.1  612420067.1
GALIFORM PLC        GFRM EU        -116415877.1  612420067.1
GALIFORM PLC        MFI VX         -116415877.1  612420067.1
GALIFORM PLC        GFRM PZ        -116415877.1  612420067.1
GALIFORM PLC        GFRM NQ        -116415877.1  612420067.1
GALIFORM PLC        GFRM PO        -116415877.1  612420067.1
GALIFORM PLC        MFIFF US       -116415877.1  612420067.1
GALIFORM PLC        GFRM NR        -116415877.1  612420067.1
GALIFORM PLC        GFRMEUR EO     -116415877.1  612420067.1
GALIFORM PLC        GFRM EO        -116415877.1  612420067.1
GALIFORM PLC        GFRM TQ        -116415877.1  612420067.1
GALIFORM PLC        GFRM VX        -116415877.1  612420067.1
GARTLAND WHALLEY    GWB LN         -10986769.42  145352034.5
GARTMORE GROUP      GRT3 EU        -197233258.3  975283243.9
GARTMORE GROUP      GRT3USD EU     -197233258.3  975283243.9
GARTMORE GROUP      GRT3 EO        -197233258.3  975283243.9
GARTMORE GROUP      GRT3USD EO     -197233258.3  975283243.9
GARTMORE GROUP      GRT3GBP EO     -197233258.3  975283243.9
GARTMORE GROUP      GRT LN         -197233258.3  975283243.9
GARTMORE GROUP      G8T GR         -197233258.3  975283243.9
GO-AHEAD GROUP      GOG LN         -15712050.26   1619995130
GO-AHEAD GROUP      GOG NQ         -15712050.26   1619995130
GO-AHEAD GROUP      GOG IX         -15712050.26   1619995130
GO-AHEAD GROUP      GOG QM         -15712050.26   1619995130
GO-AHEAD GROUP      GOGEUR EU      -15712050.26   1619995130
GO-AHEAD GROUP      G9X GR         -15712050.26   1619995130
GO-AHEAD GROUP      GOGGBP EO      -15712050.26   1619995130
GO-AHEAD GROUP      GOG TQ         -15712050.26   1619995130
GO-AHEAD GROUP      GOG PO         -15712050.26   1619995130
GO-AHEAD GROUP      GOG NR         -15712050.26   1619995130
GO-AHEAD GROUP      GOGEUR EO      -15712050.26   1619995130
GO-AHEAD GROUP      GHGUF US       -15712050.26   1619995130
GO-AHEAD GROUP      GOG EU         -15712050.26   1619995130
GO-AHEAD GROUP      GOG VX         -15712050.26   1619995130
GO-AHEAD GROUP      GOG BQ         -15712050.26   1619995130
GO-AHEAD GROUP      GOG EO         -15712050.26   1619995130
GO-AHEAD GROUP      GOG PZ         -15712050.26   1619995130
GO-AHEAD GROUP      GOG EB         -15712050.26   1619995130
GREEN (E) & PART    GEP LN         -27530263.14    313453511
HAWTIN PLC          HTI VX         -3873861.331  110875080.8
HAWTIN PLC          HTI IX         -3873861.331  110875080.8
HAWTIN PLC          HTI PO         -3873861.331  110875080.8
HAWTIN PLC          HTI EU         -3873861.331  110875080.8
HAWTIN PLC          HTI EO         -3873861.331  110875080.8
HAWTIN PLC          HTI PZ         -3873861.331  110875080.8
HAWTIN PLC          HWN GR         -3873861.331  110875080.8
HAWTIN PLC          HTI PG         -3873861.331  110875080.8
HAWTIN PLC          HTI LN         -3873861.331  110875080.8
HILTON G-CRT OLD    HIGT BB        -97533918.57   1748505414
HILTON GROUP PLC    HG PO          -97533918.57   1748505414
HILTON GROUP PLC    HG/ LN         -97533918.57   1748505414
HILTON GROUP PLC    HLTGF US       -97533918.57   1748505414
HILTON GROUP-ADR    HLTGY US       -97533918.57   1748505414
HILTON GROUP-CER    HG BB          -97533918.57   1748505414
HILTON GROUP-CRT    HIG BB         -97533918.57   1748505414
HOGG ROBINSON GR    HRGGBP EO         -11371715  739481804.8
HOGG ROBINSON GR    HRG VX            -11371715  739481804.8
HOGG ROBINSON GR    HRGEUR EU         -11371715  739481804.8
HOGG ROBINSON GR    HRG EU            -11371715  739481804.8
HOGG ROBINSON GR    HOGGF US          -11371715  739481804.8
HOGG ROBINSON GR    HRGEUR EO         -11371715  739481804.8
HOGG ROBINSON GR    DQX GR            -11371715  739481804.8
HOGG ROBINSON GR    HRG PZ            -11371715  739481804.8
HOGG ROBINSON GR    HRG IX            -11371715  739481804.8
HOGG ROBINSON GR    HRG EO            -11371715  739481804.8
HOGG ROBINSON GR    HRG LN            -11371715  739481804.8
JARVIS PLC          JRVS IX        -64739862.73    130951086
JARVIS PLC          JRVS VX        -64739862.73    130951086
JARVIS PLC          JRVS PO        -64739862.73    130951086
JARVIS PLC          JRVSGBP EO     -64739862.73    130951086
JARVIS PLC          JRVS EU        -64739862.73    130951086
JARVIS PLC          JVR GR         -64739862.73    130951086
JARVIS PLC          JRVS PZ        -64739862.73    130951086
JARVIS PLC          JRVS LN        -64739862.73    130951086
JARVIS PLC          JRVS EO        -64739862.73    130951086
JARVIS PLC          JRVSEUR EU     -64739862.73    130951086
JARVIS PLC          JVSPF US       -64739862.73    130951086
JARVIS PLC          JRVSEUR EO     -64739862.73    130951086
JESSOPS PLC         JSPEUR EO       -42702021.2  112964060.4
JESSOPS PLC         JSPGBP EO       -42702021.2  112964060.4
JESSOPS PLC         JSP LN          -42702021.2  112964060.4
JESSOPS PLC         JS4 GR          -42702021.2  112964060.4
JESSOPS PLC         JSP EU          -42702021.2  112964060.4
JESSOPS PLC         JSP EO          -42702021.2  112964060.4
JESSOPS PLC         JSP PZ          -42702021.2  112964060.4
JESSOPS PLC         JSP VX          -42702021.2  112964060.4
JESSOPS PLC         JSP PO          -42702021.2  112964060.4
JESSOPS PLC         JSP IX          -42702021.2  112964060.4
JESSOPS PLC         JSPEUR EU       -42702021.2  112964060.4
KAZAKHSTAN MNRLS    KMCOF US         -123563000    104843000
KAZAKHSTAN MNRLS    KMCO/U CN        -123563000    104843000
KAZAKHSTAN MNRLS    KMC/U CN         -123563000    104843000
KAZAKHSTAN MNRLS    KMCO CN          -123563000    104843000
KLEENEZE PLC        KLZ LN         -14328735.16  110864081.4
LADBROKE GROUP      LADB LN        -97533918.57   1748505414
LADBROKE GRP-IDR    695767Q BB     -97533918.57   1748505414
LADBROKE GRP-OLD    LADB BB        -97533918.57   1748505414
LADBROKES - FPR     LADF PZ        -97533918.57   1748505414
LADBROKES - FPR     LADF LN        -97533918.57   1748505414
LADBROKES PLC       LADGBP EO      -97533918.57   1748505414
LADBROKES PLC       LAD NQ         -97533918.57   1748505414
LADBROKES PLC       LAD BQ         -97533918.57   1748505414
LADBROKES PLC       LAD PZ         -97533918.57   1748505414
LADBROKES PLC       LAD EB         -97533918.57   1748505414
LADBROKES PLC       LAD EU         -97533918.57   1748505414
LADBROKES PLC       HG/ VX         -97533918.57   1748505414
LADBROKES PLC       LAD PO         -97533918.57   1748505414
LADBROKES PLC       LDBKF US       -97533918.57   1748505414
LADBROKES PLC       LAD NR         -97533918.57   1748505414
LADBROKES PLC       LAD QM         -97533918.57   1748505414
LADBROKES PLC       LAD LN         -97533918.57   1748505414
LADBROKES PLC       LADEUR EU      -97533918.57   1748505414
LADBROKES PLC       LADNZD EO      -97533918.57   1748505414
LADBROKES PLC       LAD VX         -97533918.57   1748505414
LADBROKES PLC       LADUSD EO      -97533918.57   1748505414
LADBROKES PLC       LAD GR         -97533918.57   1748505414
LADBROKES PLC       LAD TQ         -97533918.57   1748505414
LADBROKES PLC       LAD IX         -97533918.57   1748505414
LADBROKES PLC       LADEUR EO      -97533918.57   1748505414
LADBROKES PLC       LAD EO         -97533918.57   1748505414
LADBROKES PLC       LADNZD EU      -97533918.57   1748505414
LADBROKES PLC-AD    LDBKY US       -97533918.57   1748505414
LADBROKES PLC-AD    LDBKY LN       -97533918.57   1748505414
LADBROKES PLC-CE    LAD BB         -97533918.57   1748505414
LADBROKES PLC-NP    LADN LN        -97533918.57   1748505414
LADBROKES PLC-NP    LADN PZ        -97533918.57   1748505414
LAMBERT FENCHURC    LMF LN         -1453050.041   1826806853
LEEDS SPORTING      LEDPF US        -73166148.8  143762193.7
LEEDS SPORTING      LES LN          -73166148.8  143762193.7
LEEDS UNITED PLC    LDSUF US        -73166148.8  143762193.7
LEEDS UNITED PLC    LUFC LN         -73166148.8  143762193.7
LEEDS UNITED PLC    889687Q GR      -73166148.8  143762193.7
LONDON TOWN PLC     LOU GR         -21897636.36  175672299.2
LONDON TOWN PLC     LTW LN         -21897636.36  175672299.2
LONDON TOWN PLC     LTW EO         -21897636.36  175672299.2
LONDON TOWN PLC     LTW EU         -21897636.36  175672299.2
LONDON TOWN PLC     LTW IX         -21897636.36  175672299.2
LONDON TOWN PLC     LTW PO         -21897636.36  175672299.2
LONDON TOWN PLC     LTWX LN        -21897636.36  175672299.2
LONDON TOWN PLC     LTW PZ         -21897636.36  175672299.2
LONDON TOWN PLC     LTW PG         -21897636.36  175672299.2
LONDON TOWN PLC     LTWR LN        -21897636.36  175672299.2
M 2003 PLC          203055Q LN      -2203513803   7204891602
M 2003 PLC          MTWOF US        -2203513803   7204891602
M 2003 PLC-ADR      MTWOY US        -2203513803   7204891602
M 2003 PLC-ADR      MTWOE US        -2203513803   7204891602
MARCONI PLC         MNI LN          -2203513803   7204891602
MARCONI PLC         MRCQF US        -2203513803   7204891602
MARCONI PLC         MNI BB          -2203513803   7204891602
MARCONI PLC         MY2 GR          -2203513803   7204891602
MARCONI PLC         MONI BB         -2203513803   7204891602
MARCONI PLC         203083Q VX      -2203513803   7204891602
MARCONI PLC-ADR     MONI US         -2203513803   7204891602
MARCONI PLC-ADR     MCBA GR         -2203513803   7204891602
MARCONI PLC-ADR     QUQMON AU       -2203513803   7204891602
MARCONI PLC-ADR     MY2A GR         -2203513803   7204891602
MARCONI PLC-ADR     MRCQY US        -2203513803   7204891602
MARCONI PLC-ADR     MCONY US        -2203513803   7204891602
MARCONI PLC-ADR     MONIY US        -2203513803   7204891602
MARCONI PLC-ADR     MONIE US        -2203513803   7204891602
MFI FURNITURE GR    MFI LN         -116415877.1  612420067.1
MINERVA PLC         MNR VX         -76016914.25   1319730523
MINERVA PLC         MNR EO         -76016914.25   1319730523
MINERVA PLC         MNR IX         -76016914.25   1319730523
MINERVA PLC         MNR TQ         -76016914.25   1319730523
MINERVA PLC         MNR EU         -76016914.25   1319730523
MINERVA PLC         MNR PO         -76016914.25   1319730523
MINERVA PLC         MNRGBP EO      -76016914.25   1319730523
MINERVA PLC         MNREUR EU      -76016914.25   1319730523
MINERVA PLC         M7E GR         -76016914.25   1319730523
MINERVA PLC         MNVAF US       -76016914.25   1319730523
MINERVA PLC         MNR PZ         -76016914.25   1319730523
MINERVA PLC         MNR NR         -76016914.25   1319730523
MINERVA PLC         MNREUR EO      -76016914.25   1319730523
MINERVA PLC         MNR LN         -76016914.25   1319730523
MINERVA PLC         MNRA LN        -76016914.25   1319730523
MINERVA PLC-NP      MNRN LN        -76016914.25   1319730523
MYTRAVEL GROUP      MT/S VX        -379721841.6   1817512774
MYTRAVEL GROUP      MT IX          -379721841.6   1817512774
MYTRAVEL GROUP      MT/S PO        -379721841.6   1817512774
MYTRAVEL GROUP      MT/S LN        -379721841.6   1817512774
MYTRAVEL GROUP      ARO2 GR        -379721841.6   1817512774
MYTRAVEL GROUP      MYTPF US       -379721841.6   1817512774
MYTRAVEL GROUP P    1018144Q GR    -379721841.6   1817512774
MYTRAVEL GROUP P    MT/ VX         -379721841.6   1817512774
MYTRAVEL GROUP P    MYTGF US       -379721841.6   1817512774
MYTRAVEL GROUP-A    2281919Q GR    -379721841.6   1817512774
MYTRAVEL GROUP-A    MYTVF US       -379721841.6   1817512774
NEW STAR ASSET      NSAM IX          -397718038  292972732.1
NEW STAR ASSET      NWSAF US         -397718038  292972732.1
NEW STAR ASSET      3226435Q EO      -397718038  292972732.1
NEW STAR ASSET      NSAA LN          -397718038  292972732.1
NEW STAR ASSET      3226447Q EO      -397718038  292972732.1
NEW STAR ASSET      3226443Q EO      -397718038  292972732.1
NEW STAR ASSET      N6S GR           -397718038  292972732.1
NEW STAR ASSET      3226431Q EU      -397718038  292972732.1
NEW STAR ASSET      NSAM PZ          -397718038  292972732.1
NEW STAR ASSET      NSAM PO          -397718038  292972732.1
NEW STAR ASSET      NSAM TQ          -397718038  292972732.1
NEW STAR ASSET      3226439Q EU      -397718038  292972732.1
NEW STAR ASSET      NSAM LN          -397718038  292972732.1
ORANGE PLC          1460Q GR         -593935051   2902299502
ORANGE PLC          951641Q LN       -593935051   2902299502
ORANGE PLC          ORNGF US         -593935051   2902299502
ORANGE PLC-ADR      ORNGY US         -593935051   2902299502
ORANGE PLC-ADR      ONG GR           -593935051   2902299502
ORANGE PLC-ADR      ORA$ LN          -593935051   2902299502
ORBIS PLC           OBS PZ         -4168498.479  127701679.5
ORBIS PLC           OBS LN         -4168498.479  127701679.5
ORBIS PLC           OBG PO         -4168498.479  127701679.5
ORBIS PLC           OBS IX         -4168498.479  127701679.5
ORBIS PLC           RLP GR         -4168498.479  127701679.5
ORBIS PLC           ORBSF US       -4168498.479  127701679.5
ORBIS PLC           OBS PO         -4168498.479  127701679.5
ORSU METALS CORP    E4M GR           -123563000    104843000
ORSU METALS CORP    OSUGBX EO        -123563000    104843000
ORSU METALS CORP    OSU LN           -123563000    104843000
ORSU METALS CORP    ORSUF US         -123563000    104843000
ORSU METALS CORP    E4M1 GR          -123563000    104843000
ORSU METALS CORP    EUM IX           -123563000    104843000
ORSU METALS CORP    ORSM007* RU      -123563000    104843000
ORSU METALS CORP    OSU CN           -123563000    104843000
ORSU METALS CORP    EPMCF US         -123563000    104843000
ORSU METALS CORP    OSU PZ           -123563000    104843000
ORSU METALS CORP    OSU PG           -123563000    104843000
ORSU METALS CORP    OSUMF US         -123563000    104843000
ORSU METALS CORP    ORSM007 RU       -123563000    104843000
PARK FOOD GROUP     PKFD LN        -52867263.19  185089877.3
PARK GROUP PLC      PKG VX         -52867263.19  185089877.3
PARK GROUP PLC      PKG PZ         -52867263.19  185089877.3
PARK GROUP PLC      PKG EU         -52867263.19  185089877.3
PARK GROUP PLC      PRKG IX        -52867263.19  185089877.3
PARK GROUP PLC      PKG EO         -52867263.19  185089877.3
PARK GROUP PLC      PKGGBP EO      -52867263.19  185089877.3
PARK GROUP PLC      PRKGF US       -52867263.19  185089877.3
PARK GROUP PLC      PKG PO         -52867263.19  185089877.3
PARK GROUP PLC      PKG LN         -52867263.19  185089877.3
PATIENTLINE PLC     PTL PO         -54677284.64  124948245.8
PATIENTLINE PLC     PTL IX         -54677284.64  124948245.8
PATIENTLINE PLC     2928907Q EO    -54677284.64  124948245.8
PATIENTLINE PLC     2928903Q EU    -54677284.64  124948245.8
PATIENTLINE PLC     2928899Q EO    -54677284.64  124948245.8
PATIENTLINE PLC     PTL PZ         -54677284.64  124948245.8
PATIENTLINE PLC     PTL VX         -54677284.64  124948245.8
PATIENTLINE PLC     PTL LN         -54677284.64  124948245.8
PREMIER FARN-ADR    2246804Q US    -53758146.86  722693619.5
PREMIER FARN-ADR    PIFLY US       -53758146.86  722693619.5
PREMIER FARN-ADR    PFLZ LN        -53758146.86  722693619.5
PREMIER FARNELL     PFL EU         -53758146.86  722693619.5
PREMIER FARNELL     PFL IX         -53758146.86  722693619.5
PREMIER FARNELL     PFLUSD EO      -53758146.86  722693619.5
PREMIER FARNELL     PFLGBP EO      -53758146.86  722693619.5
PREMIER FARNELL     PFL PO         -53758146.86  722693619.5
PREMIER FARNELL     PFL EO         -53758146.86  722693619.5
PREMIER FARNELL     PFL PZ         -53758146.86  722693619.5
PREMIER FARNELL     PIFLF US       -53758146.86  722693619.5
PREMIER FARNELL     PFLUSD EU      -53758146.86  722693619.5
PREMIER FARNELL     PML GR         -53758146.86  722693619.5
PREMIER FARNELL     PFLEUR EO      -53758146.86  722693619.5
PREMIER FARNELL     PFL LN         -53758146.86  722693619.5
PREMIER FARNELL     PFL BQ         -53758146.86  722693619.5
PREMIER FARNELL     PFLSEK EO      -53758146.86  722693619.5
PREMIER FARNELL     PFL QM         -53758146.86  722693619.5
PREMIER FARNELL     PFL NR         -53758146.86  722693619.5
PREMIER FARNELL     PFL NQ         -53758146.86  722693619.5
PREMIER FARNELL     PFLEUR EU      -53758146.86  722693619.5
PREMIER FARNELL     PFL TQ         -53758146.86  722693619.5
PREMIER FARNELL     PFL VX         -53758146.86  722693619.5
PREMIER FARNELL     PFL EB         -53758146.86  722693619.5
PREMIER FARNELL     PFLSEK EU      -53758146.86  722693619.5
PROSTRAKAN GROUP    PSK PZ         -1646349.907  143067806.9
PROSTRAKAN GROUP    PSK EO         -1646349.907  143067806.9
PROSTRAKAN GROUP    PSK VX         -1646349.907  143067806.9
PROSTRAKAN GROUP    PSK EU         -1646349.907  143067806.9
PROSTRAKAN GROUP    PSKGBP EO      -1646349.907  143067806.9
PROSTRAKAN GROUP    PSK IX         -1646349.907  143067806.9
PROSTRAKAN GROUP    PSKEUR EU      -1646349.907  143067806.9
PROSTRAKAN GROUP    PKNGF US       -1646349.907  143067806.9
PROSTRAKAN GROUP    PSK PO         -1646349.907  143067806.9
PROSTRAKAN GROUP    PSK LN         -1646349.907  143067806.9
PROSTRAKAN GROUP    PSKEUR EO      -1646349.907  143067806.9
REAL ESTATE OP-O    REO LN         -145048365.8   2933767507
REAL ESTATE OP-O    REOGBP EO      -145048365.8   2933767507
REAL ESTATE OP-O    REO IX         -145048365.8   2933767507
REAL ESTATE OP-O    REO PZ         -145048365.8   2933767507
REAL ESTATE OP-O    REO EU         -145048365.8   2933767507
REAL ESTATE OP-O    REO VX         -145048365.8   2933767507
REAL ESTATE OP-O    REO EO         -145048365.8   2933767507
REAL ESTATE OP-O    REA GR         -145048365.8   2933767507
REAL ESTATE OP-O    REO ID         -145048365.8   2933767507
REGUS LTD           273187Q LN     -46111835.37    367181111
REGUS PLC           REGSF US       -46111835.37    367181111
REGUS PLC           273195Q VX     -46111835.37    367181111
REGUS PLC           2296Z LN       -46111835.37    367181111
REGUS PLC           RGU GR         -46111835.37    367181111
REGUS PLC-ADS       REGSV US       -46111835.37    367181111
REGUS PLC-ADS       REGS US        -46111835.37    367181111
REGUS PLC-ADS       REGSY US       -46111835.37    367181111
REGUS PLC-ADS       RGUA GR        -46111835.37    367181111
RENTOKIL INITIAL    RTO TQ         -242381476.4   3231214649
RENTOKIL INITIAL    RTO LN         -242381476.4   3231214649
RENTOKIL INITIAL    RTO IX         -242381476.4   3231214649
RENTOKIL INITIAL    RTOKF US       -242381476.4   3231214649
RENTOKIL INITIAL    RTO EU         -242381476.4   3231214649
RENTOKIL INITIAL    RTO EO         -242381476.4   3231214649
RENTOKIL INITIAL    RTOGBP EO      -242381476.4   3231214649
RENTOKIL INITIAL    RTO PO         -242381476.4   3231214649
RENTOKIL INITIAL    RTO GR         -242381476.4   3231214649
RENTOKIL INITIAL    RTO NR         -242381476.4   3231214649
RENTOKIL INITIAL    RTO PZ         -242381476.4   3231214649
RENTOKIL INITIAL    RTOEUR EU      -242381476.4   3231214649
RENTOKIL INITIAL    RTO EB         -242381476.4   3231214649
RENTOKIL INITIAL    RTO1 GR        -242381476.4   3231214649
RENTOKIL INITIAL    RTOUSD EU      -242381476.4   3231214649
RENTOKIL INITIAL    RKLIF US       -242381476.4   3231214649
RENTOKIL INITIAL    RTOUSD EO      -242381476.4   3231214649
RENTOKIL INITIAL    RTOEUR EO      -242381476.4   3231214649
RENTOKIL INITIAL    RTOG IX        -242381476.4   3231214649
RENTOKIL INITIAL    RTO NQ         -242381476.4   3231214649
RENTOKIL INITIAL    RTO QM         -242381476.4   3231214649
RENTOKIL INITIAL    RTO BQ         -242381476.4   3231214649
RENTOKIL INITIAL    RTO VX         -242381476.4   3231214649
RENTOKIL-SP ADR     RTOKY US       -242381476.4   3231214649
RENTOKIL-SP ADR     AP76 LI        -242381476.4   3231214649
SAATCHI & SA-ADR    SSI$ LN        -119260804.2  705060824.5
SAATCHI & SA-ADR    SSA US         -119260804.2  705060824.5
SAATCHI & SAATCH    SSI LN         -119260804.2  705060824.5
SAATCHI & SAATCH    188190Q GR     -119260804.2  705060824.5
SAATCHI & SAATCH    SSATF US       -119260804.2  705060824.5
SCOTTISH MEDIA      SSM LN         -49061227.23    212049868
SCOTTISH MEDIA      1442Q GR       -49061227.23    212049868
SCOTTISH MEDIA      SSMR LN        -49061227.23    212049868
SCOTTISH TELEV      SCTVF US       -49061227.23    212049868
SETON HEALTHCARE    2290Z LN       -10585179.82  156822902.8
SFI GROUP PLC       SUF LN         -108067115.8  177647536.1
SFI GROUP PLC       SUYFF US       -108067115.8  177647536.1
SKYEPHARMA PLC      SK8C GR        -134177517.4  149159301.6
SKYEPHARMA PLC      SKYEF US       -134177517.4  149159301.6
SKYEPHARMA PLC      SKPEUR EU      -134177517.4  149159301.6
SKYEPHARMA PLC      SKP VX         -134177517.4  149159301.6
SKYEPHARMA PLC      SKP PO         -134177517.4  149159301.6
SKYEPHARMA PLC      SKPGBP EO      -134177517.4  149159301.6
SKYEPHARMA PLC      SKP LN         -134177517.4  149159301.6
SKYEPHARMA PLC      SKP PZ         -134177517.4  149159301.6
SKYEPHARMA PLC      SKPEUR EO      -134177517.4  149159301.6
SKYEPHARMA PLC      SKP TQ         -134177517.4  149159301.6
SKYEPHARMA PLC      SKP IX         -134177517.4  149159301.6
SKYEPHARMA PLC      SKP EO         -134177517.4  149159301.6
SKYEPHARMA PLC      SKP EU         -134177517.4  149159301.6
SKYEPHARMA PLC      SKP1 VX        -134177517.4  149159301.6
SKYEPHARMA PLC      SK8A GR        -134177517.4  149159301.6
SKYEPHARMA -SUB     2976665Z LN    -134177517.4  149159301.6
SKYEPHARMA-ADR      SKYEY US       -134177517.4  149159301.6
SKYEPHARMA-ADR      SK8N GR        -134177517.4  149159301.6
SKYEPHARMA-ADR      AP80 LI        -134177517.4  149159301.6
SKYEPHARMA-ADR      SKYE US        -134177517.4  149159301.6
SKYEPHARMA-ADR      SK8 GR         -134177517.4  149159301.6
SKYEPHARMA-ADR      SKYPY US       -134177517.4  149159301.6
SKYEPHAR-RTS F/P    SKPF VX        -134177517.4  149159301.6
SKYEPHAR-RTS F/P    SKPF LN        -134177517.4  149159301.6
SKYEPHAR-RTS N/P    SKPN LN        -134177517.4  149159301.6
SKYEPHAR-RTS N/P    SKPN VX        -134177517.4  149159301.6
SMG PLC             SMG PO         -49061227.23    212049868
SMG PLC             SMG LN         -49061227.23    212049868
SMG PLC-FUL PAID    SMGF LN        -49061227.23    212049868
SMG PLC-NIL PAID    SMGN LN        -49061227.23    212049868
SMITHS NEWS PLC     NWS1 EU        -111380853.7  310693960.2
SMITHS NEWS PLC     NWS VX         -111380853.7  310693960.2
SMITHS NEWS PLC     NWS1 EO        -111380853.7  310693960.2
SMITHS NEWS PLC     NWS PZ         -111380853.7  310693960.2
SMITHS NEWS PLC     SMWPF US       -111380853.7  310693960.2
SMITHS NEWS PLC     NWS IX         -111380853.7  310693960.2
SMITHS NEWS PLC     NWS2 EU        -111380853.7  310693960.2
SMITHS NEWS PLC     SMWPY US       -111380853.7  310693960.2
SMITHS NEWS PLC     NWS2EUR EU     -111380853.7  310693960.2
SMITHS NEWS PLC     NWS2 EO        -111380853.7  310693960.2
SMITHS NEWS PLC     NWS LN         -111380853.7  310693960.2
SMITHS NEWS PLC     NWS2EUR EO     -111380853.7  310693960.2
SMITHS NEWS PLC     NWS1GBP EO     -111380853.7  310693960.2
SMITHS NEWS PLC     NWS2 TQ        -111380853.7  310693960.2
SMITHS NEWS PLC     NWS1 BQ        -111380853.7  310693960.2
SMITHS NEWS PLC     NWS2GBP EO     -111380853.7  310693960.2
SMITHS NEWS PLC     NWS PO         -111380853.7  310693960.2
STAGECOACH GROUP    SGC1EUR EU     -113434621.8   2507562892
STAGECOACH GROUP    SGC1USD EO     -113434621.8   2507562892
STAGECOACH GROUP    SGC1 QM        -113434621.8   2507562892
STAGECOACH GROUP    SGC1 NR        -113434621.8   2507562892
STAGECOACH GROUP    SHP GR         -113434621.8   2507562892
STAGECOACH GROUP    SGCG PZ        -113434621.8   2507562892
STAGECOACH GROUP    SGC1AUD EO     -113434621.8   2507562892
STAGECOACH GROUP    SGC PO         -113434621.8   2507562892
STAGECOACH GROUP    SGC1 EB        -113434621.8   2507562892
STAGECOACH GROUP    SGC1 TQ        -113434621.8   2507562892
STAGECOACH GROUP    SGC1AUD EU     -113434621.8   2507562892
STAGECOACH GROUP    SGC1EUR EO     -113434621.8   2507562892
STAGECOACH GROUP    SHP4 GR        -113434621.8   2507562892
STAGECOACH GROUP    SGC1USD EU     -113434621.8   2507562892
STAGECOACH GROUP    SGC LN         -113434621.8   2507562892
STAGECOACH GROUP    SGC1 EO        -113434621.8   2507562892
STAGECOACH GROUP    SGC1GBP EO     -113434621.8   2507562892
STAGECOACH GROUP    SGC2 VX        -113434621.8   2507562892
STAGECOACH GROUP    SGC1 EU        -113434621.8   2507562892
STAGECOACH GROUP    SAGKF US       -113434621.8   2507562892
STAGECOACH GROUP    SGC1 NQ        -113434621.8   2507562892
STAGECOACH GROUP    SGC1 BQ        -113434621.8   2507562892
STAGECOACH GROUP    SGC IX         -113434621.8   2507562892
STAGECOACH GRP-B    SGCB LN        -113434621.8   2507562892
STAGECOACH-NEW      SGCN LN        -113434621.8   2507562892
STV GROUP PLC       STVGGBP EO     -49061227.23    212049868
STV GROUP PLC       STVGEUR EU     -49061227.23    212049868
STV GROUP PLC       STVG VX        -49061227.23    212049868
STV GROUP PLC       STVG EO        -49061227.23    212049868
STV GROUP PLC       SMG IX         -49061227.23    212049868
STV GROUP PLC       STVG EU        -49061227.23    212049868
STV GROUP PLC       SMGPF US       -49061227.23    212049868
STV GROUP PLC       SMG PZ         -49061227.23    212049868
STV GROUP PLC       SMG VX         -49061227.23    212049868
STV GROUP PLC       STVG LN        -49061227.23    212049868
STV GROUP PLC       STVGEUR EO     -49061227.23    212049868
TELEWEST COM-ADR    TWSTY US        -3702234581   7581020925
TELEWEST COM-ADR    TWSTD US        -3702234581   7581020925
TELEWEST COM-ADR    TWT$ LN         -3702234581   7581020925
TELEWEST COM-ADR    940767Q GR      -3702234581   7581020925
TELEWEST COMM       604296Q GR      -3702234581   7581020925
TELEWEST COMM       TWT VX          -3702234581   7581020925
TELEWEST COMM       TWSTF US        -3702234581   7581020925
TELEWEST COMM       715382Q LN      -3702234581   7581020925
THORN EMI PLC       THNE FP         -2265916257   2950021937
THORN EMI-ADR       THN$ LN         -2265916257   2950021937
THORN EMI-ADR       TORNY US        -2265916257   2950021937
THORN EMI-CDR       THN NA          -2265916257   2950021937
THORN EMI-REGD      1772Q GR        -2265916257   2950021937
TOPPS TILES PLC     TPT TQ         -85010363.51  146193829.2
TOPPS TILES PLC     TPT EU         -85010363.51  146193829.2
TOPPS TILES PLC     TPTJF US       -85010363.51  146193829.2
TOPPS TILES PLC     TPT EO         -85010363.51  146193829.2
TOPPS TILES PLC     TPT PO         -85010363.51  146193829.2
TOPPS TILES PLC     TPT BQ         -85010363.51  146193829.2
TOPPS TILES PLC     TPT IX         -85010363.51  146193829.2
TOPPS TILES PLC     TPTGBP EO      -85010363.51  146193829.2
TOPPS TILES PLC     TPTEUR EO      -85010363.51  146193829.2
TOPPS TILES PLC     TPTJY US       -85010363.51  146193829.2
TOPPS TILES PLC     TPTEUR EU      -85010363.51  146193829.2
TOPPS TILES PLC     TPT LN         -85010363.51  146193829.2
TOPPS TILES PLC     TPT PZ         -85010363.51  146193829.2
TOPPS TILES PLC     TPT VX         -85010363.51  146193829.2
TOPPS TILES-NEW     TPTN LN        -85010363.51  146193829.2
UTC GROUP           UGR LN         -11904426.45    203548565
VIRGIN MOB-ASSD     VMOC LN        -392165437.6  166070003.7
VIRGIN MOB-ASSD     VMOA LN        -392165437.6  166070003.7
VIRGIN MOBILE       VGMHF US       -392165437.6  166070003.7
VIRGIN MOBILE       VMOB LN        -392165437.6  166070003.7
VIRGIN MOBILE       VMOB PO        -392165437.6  166070003.7
VIRGIN MOBILE       UEM GR         -392165437.6  166070003.7
VIRGIN MOBILE       VMOB VX        -392165437.6  166070003.7
WARNER ESTATE       WNEHF US       -37798939.99  432125169.9
WARNER ESTATE       WNER LN        -37798939.99  432125169.9
WARNER ESTATE       WNER PZ        -37798939.99  432125169.9
WARNER ESTATE       WNER EU        -37798939.99  432125169.9
WARNER ESTATE       WNER VX        -37798939.99  432125169.9
WARNER ESTATE       WNERGBP EO     -37798939.99  432125169.9
WARNER ESTATE       WNER EO        -37798939.99  432125169.9
WARNER ESTATE       WNER PO        -37798939.99  432125169.9
WARNER ESTATE       WRL GR         -37798939.99  432125169.9
WARNER ESTATE       WNER IX        -37798939.99  432125169.9
WATSON & PHILIP     WTSN LN          -120493900  252232072.9
WHITE YOUNG GREE    WHY PZ         -27530263.14    313453511
WHITE YOUNG GREE    WHY VX         -27530263.14    313453511
WHITE YOUNG GREE    WHYEUR EU      -27530263.14    313453511
WHITE YOUNG GREE    WHYGBP EO      -27530263.14    313453511
WHITE YOUNG GREE    WHYEUR EO      -27530263.14    313453511
WHITE YOUNG GREE    WHY EO         -27530263.14    313453511
WHITE YOUNG GREE    WHY EU         -27530263.14    313453511
WHITE YOUNG GREE    WHY LN         -27530263.14    313453511
WHITE YOUNG GREE    WHY PO         -27530263.14    313453511
WHITE YOUNG-NEW     WHYN LN        -27530263.14    313453511
WINCANTON PL-ADR    WNCNY US       -63105009.98   1416979806
WINCANTON PLC       WIN1 QM        -63105009.98   1416979806
WINCANTON PLC       WIN1 BQ        -63105009.98   1416979806
WINCANTON PLC       WNCNF US       -63105009.98   1416979806
WINCANTON PLC       WIN PO         -63105009.98   1416979806
WINCANTON PLC       WIN VX         -63105009.98   1416979806
WINCANTON PLC       WIN1USD EO     -63105009.98   1416979806
WINCANTON PLC       WIN1 TQ        -63105009.98   1416979806
WINCANTON PLC       WIN1GBP EO     -63105009.98   1416979806
WINCANTON PLC       WIN1 EU        -63105009.98   1416979806
WINCANTON PLC       WIN1 EO        -63105009.98   1416979806
WINCANTON PLC       WIN IX         -63105009.98   1416979806
WINCANTON PLC       WIN1EUR EO     -63105009.98   1416979806
WINCANTON PLC       WIN1USD EU     -63105009.98   1416979806
WINCANTON PLC       WIN LN         -63105009.98   1416979806
WINCANTON PLC       WIN1 NQ        -63105009.98   1416979806
WINCANTON PLC       WIN1 EB        -63105009.98   1416979806
WINCANTON PLC       WIN PZ         -63105009.98   1416979806
WINCANTON PLC       WIN1EUR EU     -63105009.98   1416979806
WYG PLC             WYGGBP EO      -27530263.14    313453511
WYG PLC             WYG LN         -27530263.14    313453511
WYG PLC             WYG PZ         -27530263.14    313453511
WYG PLC             WHY IX         -27530263.14    313453511
WYG PLC             WYGEUR EO      -27530263.14    313453511
WYG PLC             WYGEUR EU      -27530263.14    313453511
WYG PLC             WYG EO         -27530263.14    313453511
WYG PLC             WYG EU         -27530263.14    313453511
XXPERT RENTAL       XPRT CN          -123563000    104843000


Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than USUS$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through  Go to order any title today.


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine
C. Tumanda-Fernandez, Joy A. Agravante and Peter A. Chapman,

Copyright 2010.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is USUS$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are USUS$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.

                 * * * End of Transmission * * *